Wednesday, October 3, 2012

Hewlett-Packard Company (NYSE:HPQ) Slumps 10%, Vringo Inc. (NAMEX:VRNG) Soars 30%

Hewlett-Packard shares were trading 10 percent down on Wednesday after Chief Executive Meg Whitman told analysts that the maker of personal computers would see a profit decline in 2013.

Will HPQ Rebound After Today’s Slump? Find Out Here

Whitman, who was addressing analysts, said that 2013 would be `fix and rebuild year' for the company.

Saying that the profit decline in 2013 would be more contained than in 2012, Whitman said it wold take time to fix the company and indicated that 2015 would be the year of acceleration for the company.

Shares in Vringo, Inc.(NYSEAMEX:VRNG) jumped nearly 30 percent after a federal judge ordered it to initiate settlement talks with Google over pending patent litigations. The talks have been scheduled for October 9.

The court refused to decide the case in favour of Google, the court documents showed.

U.S. District Judge Raymond Jackson said: "Before the Court is Defendants' Motion for Summary Judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure. The Court finds that oral argument of this motion will not aid is decisional process. Having carefully reviewed the parties' pleadings, the Court finds that summary judgment is inappropriate at this time as there are genuine issues of material fact is dispute."

Will VRNG Hit $5 Before October 9th? Find Out Here

Accordingly, it is ORDERED that Defendants' Motion for Summary Judgment is DENIED. It is further ORDERED that parties engage in settlement discussions before United States Magistrate Judge Lawrence R. Leonard at 10:30 am on Tuesday, October 9, 2012."

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