The market had a disappointing day Thursday due to a 1.1% decline from financial stocks. The S&P 500 Index fell 0.3%, the Dow Jones Industrial Average lost 0.3% and the Nasdaq Composite fell 0.5%.
It was a busy afternoon for a few companies, including HP Inc (NYSE:HPQ), VMware, Inc. (NYSE:VMW) and Zumiez Inc. (NASDAQ:ZUMZ).
Here’s what’s happening with these stocks:
HP Inc (HPQ)
HP announced that it will cut a number of jobs over the next four years.
The company is going to cut between 3,000 and 4,000 jobs over this time period following the release of the company’s guidance for fiscal 2017.
HP expects to earn between $1.55 a share and $1.65 a share, which is in line with Wall Street’s expectations of $1.61 a share.
The company has been looking to revamp itself in a time when PC and computer hardware sales are tumbling. One way HP is doing this is by focusing on 3D printing and other products of modern technology.
HPQ stock slipped 1.3% after hours Thursday.
VMware, Inc. (VMW)
Amazon.com, Inc. (NASDAQ:AMZN) and VMware are joining forces for a cloud partnership.
The two companies announced Thursday that they will now be sharing each other’s technology related to two products — VMware’s data center management software and Amazon’s cloud computing offerings.
The move will make Amazon the other company’s “primary public cloud partner”–the public cloud is a type of service that other company’s can access.
VMware will be the e-commerce retailer’s “primary private cloud partner” — the private cloud refers to the internal center of a company.
VMW gained 1.3% after yesterday’s market close.
Zumiez Inc. (ZUMZ)
Zumiez was moving on news of a rating upgrade.
Piper Jaffray changed its rating of the apparel retailer from a “neutral” to an “overweight.” Several other companies also spoke about their rating on the stock.
Analysts from B. Riley restated their “buy” rating on the stock with a price target of $25. Meanwhile, Jefferies Group offered a “hold” rating on Zumiez with a price target of $17.
The company last released its quarterly earnings results on Sept. 8, revealing that it lost 3 cents per share, compared to the consensus estimate of -8 cents a share.
Revenue came in at $178.3 million, beating the consensus estimate by $950,000.
ZUMZ shares rose 2% after the bell Thursday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.