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HP shares rise on raised job cut target, cash flow outlook

23
May
2014

(Reuters) – Hewlett-Packard Cos shares rose as much as 7 percent on Friday, a day after the personal computer maker said it would cut as many as 16,000 more jobs and forecast strong free cash flow for the year. Chief Executive Meg Whitman said on Thursday that HPs turnaround plan remained on track and the raised target on job cuts reflected how the company continued to find areas to streamline operations across its broad portfolio. The company had set a job cuts target of 27,000 when it started its restructuring in 2012, but increased it to 34,000 last year and then to 50,000 on Thursday. He raised his price target on the stock to $38 from $35.

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