HP drags down Dow Jones average in early trade

NEW YORK - Tech giant Hewlett-Packard dragged the Dow Jones industrial average lower trade early Tuesday.

Hewlett Packard Co., society of greater technology of the world by revenue, said pink in the most recent quarter of profits. But a leak memo to the CEO of the company, cautioning against a quarter rough, eclipsed the most recent quarter. HP lowered its Outlook for earnings for the rest of the year Tuesday, expecting more weak personal computer sales. The company has also carried out by the earthquake in the Japan and restructuring in its services business is dragging. HP stock fell more than 6%, more than any other company in the Dow average.

Home Depot Inc. and Wal-Mart Stores Inc., two other members of Dow, reports also on Tuesday. Wal-Mart said its profit rose by 3% in the first quarter, but sales at stores open at least a year fell for the eighth quarter in a row. Wal-Mart stock fell by 1%.

It was a story similar to Home Depot. Sales also slippery. But net income jumped 12 percent in the first quarter, beating analysts expectations. Home Depot has increased by more than 2%.

The Dow Jones index fell 48 points, or 0.4 per cent to 12,500 in morning trade. The standard & poor 500 index dropped by 2 points to 1,328. The Nasdaq composite dropped 8 points, or 0.3%, to 2,773.

A batch of economic reports also raised concerns about the strength of the economy. The Federal Reserve said factories U.S. produce fewer goods for the first time in 10 months. New housing construction plunged in April, according to the Ministry of trade. The apartment building collapsed more than 28%.

A bumpy ride for the technology sector and renewed concerns about Europe's debt more dragged stocks lower Monday. Finance Ministers European approved 110 billion dollars in loans to rescue the Portugal, but have not yet decided on a second rescue of the Greece plan.

Even with a majority of companies more strong gains in statement, US stock market lost some of its momentum in the course of the past few weeks. Concerns are more in that high gas prices will weigh on the expenditures of consumption economy, pinch, cut the profits of the business.

The three major stock indexes are down more than 2% this month following a start to the Fort of the year. The Dow Jones index is 8 per cent. The & S P 500 is an increase of 5.6%.