Short Reports

Wed., May 17, 2000

From Staff

Strong demand for printers and personal computers helped Hewlett-Packard Co. breeze past Wall Street profit expectations for the company’s latest quarter. HP earned $935 million, or 79 cents a share, in the three months ended April 30, the second quarter of the company’s fiscal year. The profit was only slightly better than the $918 million, or 73 cents a share, HP earned in the same period a year ago, but easily topped analyst projections for a per-share profit of 82 cents, based on a survey by First Call/Thomson Financial.

J.C. Penney Co. Inc. said its profits from operations were $82 million, or 28 cents a share, for the quarter ended April 29, compared with earnings of $167 million, or 67 cents a share, a year ago. Its results came in ahead of Wall Street analysts’ expectations of 23 cents a share.

Target Corp. earned $239 million, or 52 cents a share, in the latest quarter, compared with $194 million, or 41 cents a share, a year earlier. The results topped Wall Street analysts’ estimates of 49 cents a share.

The Home Depot, the home improvement retailer, earned $629 million, or 27 cents per share, for the quarter ended April 30, compared with $489 million or 21 cents per share for the same period last year. The results met analysts’ estimates for the quarter.

Spanish Internet company Terra Networks SA said it will buy U.S. Internet portal Lycos Inc. for $12.5 billion in stock.

VirtualRelocation.com of Beaverton, one of the nation’s premier moving and relocation sites, has been acquired for $56 million. The Web site has been bought by TMP Worldwide, a New York company best known for its Monster.com Web site, the world’s biggest online job-hunting and recruitment portal.

Robert A. Eckert has resigned as president and chief executive officer of the Kraft Foods unit of Philip Morris Companies Inc. Betsy D. Holden, the executive vice president of Kraft, was named his successor.

The Tri-Cities area ranked 75th on the Forbes magazine list of best places to do business. The area was not included in a listing of Northwest rankings Tuesday.

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Short Reports

Jesse Tinsley

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