Canadian stocks rose, with the benchmark gauge poised for the best quarterly performance in a year, as gains in consumer-staples companies and oil producers offset a decline in phone shares amid concern that a U.S. budget impasse may shut down the government.
Hewlett-Packard Co. issued a forecast for fiscal fourth-quarter profit that missed some analysts’ estimates, and Chief Executive Officer Meg Whitman rescinded a projection for growth in fiscal 2014 as ebbing demand for personal computers and lower business spending hamper her turnaround efforts.
Cisco Systems Inc., the biggest maker of networking equipment, said it’s cutting about 5 percent of its workforce after issuing a fiscal first-quarter sales forecast that missed most analysts’ estimates.
Hewlett-Packard Co. Chief Executive Officer Meg Whitman is shaking up her executive ranks again, seeking to accelerate a turnaround by replacing the chiefs of the computer maker’s enterprise group and marketing operation, people with knowledge of the matter said.
Cisco Systems Inc. Chief Executive Officer John Chambers’s turnaround effort is sputtering as a revenue forecast falls short of estimates and the company resorts to a second round of job cuts this year.
When Michael Dell announced a plan in February to take Dell Inc. private, today was supposed to be anticlimactic -- the day when shareholders would easily bless the buyout of the computer maker he founded 29 years ago.