Fox Business Network is struggling through its first earnings season. (And who can blame them? It’s hard to get those numbers out fast.) On Monday afternoon, perhaps in their haste to beat CNBC, anchor Liz Claman–formerly of CNBC, btw–turned a boffo quarter from Hewlett Packard (HPQ) into an earnings miss.
Fox Business reported at 4:03 p.m. that HP’s earnings missed Wall Street consensus estimates by a penny. That’d be a huge deal for the tech giant, and indeed, Fox reported that HP shares were dropping in after-hour trading.
But eleven minutes later shareholders had earned a reprieve: After explaining that his staff had just “crunched the numbers,” Liz’ co-anchor David Asman provided new ones: HP had beaten the street by four cents. HPQ is now up about 1%, to $50.
Partial transcript after the jump.
Earlier: FBN: “Apple Buying AMD!” Wait, Scratch That. “Abu Dubai!”
4:03 pm. Liz Claman: “Hewlett-Packard is out with their numbers and it’s a miss, actually. They’ve apparently missed by one penny.There was an anticipation that they would once again either make or beat earnings estimates for 11 quarters straight. Uh, this is not the case. Let me just look here for a second…There are the earnings – 81 cents versus an expectation of 82.” [Fox shows full-screen graphic]
4:07 pm. Claman: “Once again, Hewlett-Packard has come out with its earnings. It has missed by a penny, so that of course doesn’t really help the sentiments of the market.”
David Asman: “No, but as Pat said, there may be other factors involved. There may be a write-down. There may be tax issues. We’ll have to wait and see what happens on the conference call.”
4:14 Asman: “We’ve just crunched the numbers and the adjusted earnings are 86 cents, which topped estimates – HP.”