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Market Update

More Bad Computer-Maker News Could Zap Funds

Hewlett-Packard, Gateway drops could hit Davis and Legg Mason funds.

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Just when you thought big computer-maker stocks couldn't possibly do any more damage to your portfolio or mutual funds, there's more bad news.

Hewlett-Packard (HWP) said after markets closed Thursday it would miss quarterly earnings estimates for the second consecutive quarter. To make matters worse Gateway (GTW) also said its fourth-quarter earnings would fall far short of already-reduced expectations and that there would be layoffs in Gateway Country.

Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.