Hewlett-Packard Co. shares rebounded Wednesday as the Dow Jones industrial average moved up at midday.
The blue chip index advanced 123.68 points to 12,955.86. Helping to lift the stocks was a Labor Department report that showed inflation grew 0.2 percent in April, down from 0.3 percent in March.
Hewlett-Packard shares fell 5.5 percent Tuesday after the computer and printer maker agreed to buy Electronic Data Systems Corp., a technology services company, in a move designed to help H-P take on rival IBM. On Wednesday, Hewlett-Packard stock rose $1.54, or 3.5 percent, to $45.81.
Shares of Verizon Communications Inc. gained $84 cents, or 2.2 percent, to $38.95.
DuPont & Co. added 85 cents to $49.86. The specialty chemicals maker said Wednesday that it formed a joint venture to develop and sell cellulosic ethanol, a fuel made from nonfood sources.
General Motors Corp. picked up 35 cents to $20.30.
Only two of the 30 Dow stocks were down at midday. Heavy machinery maker Caterpillar Inc. slipped $1.09 to $82.98 after agricultural equipment maker Deere & Co. said high raw materials costs could reduce its profit over the next two quarters.
Coca-Cola Co. declined 15 cents to $56.35.
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