HP Q1 2009

--Net revenue down 3%, or up 3% in local currency, from a year earlier to $27.4 billion --GAAP operating profit down 12% to $2.3 billion; GAAP earnings per share $0.70, down from $0.80 a year earlier --The performance is in line with analysts' expectations --Key drivers: integration with EDS a.services revenue almost doubled b.it is cutting 25000 payrolls. Comment --it will be ride the crisis fine --market weight the company stock and bond, which is yield at ~5%