By
Rick Aristotle Munarriz
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June 5, 2010
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Don't let Hewlett-Packard's (NYSE: HPQ ) chopping block scare you away.
The printing and computing giant announced that it would be eliminating as many as 9,000 jobs over the next few years, but this doesn't mean that we're at the precipice of a double-dip recession.
The move is actually part of a $1 billion investment in fully automated commercial datacenters. The pink slips may be interpreted as job cuts, but it's part of HP's plan to improve operating efficiency.
It may not seem like good news -- and it certainly won't be for those dismissed along the way -- but it's more a dinner bell than a fire alarm ringing at HP.
Briefly in the news
Now let's take a quick look at some of the other stories that shaped our week.
- Automakers keep on rolling. Ford (NYSE: F ) posted a 23% spike in sales for the month of May, and many of its rivals grew their top lines even faster.
- Apple (Nasdaq: AAPL ) kicked off the week by announcing that it has now sold 2 million iPads. It's quite the achievement, given that the super-sized iPod touch just hit the market in April.
- Many retailers revealed their May comps. Costco (Nasdaq: COST ) was a big winner, coming through with a 9% jump in same-store sales. Losers included fallen darlings Hot Topic (Nasdaq: HOTT ) and Buckle (NYSE: BKE ) , with slides of 9% and 5.4%, respectively.
Until next week, I remain,
Rick Munarriz
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