STOCK WATCH

Hewlett Packard

Hewlett Packard issued a late profit warning on 13 May, announcing that Q2 earnings to 30 April will be below expectations.

It said earnings would be about 65 cents per share, contrary to Wall Street analysts expected earnings of 77 cents a share. It blamed downward pricing pressure in the PC market and the Asian Crisis for the disappointing forecast. HP stock fell 14 per cent at 70 5/16 cents after the news.

Elcom Group

The Elcom Group has posted its results for the first quarter ended 31 March. Net income was down 30 per cent to $1.37 million on turnover that was up eight per cent to $190 million. CEO Robert Crowell said poor profits were primarily due to expenses incurred by Elcom Systems, which is building an intranet-based automated procurement system. As a result, the company aims to reduce its holding in Elcom Systems to less than 50 per cent, allowing it operate as a standalone company.

Wang

Wang reported a net loss for the third quarter ending 31 March at $44.9 million, compared with a profit of $79.4 million a year ago, which is being blamed on restructuring. The loss includes an exceptional item relating to the integration of Olsy, consolidation and other unspecified charges.

Turnover was $402.6 million in Q3, up 28 per cent from

$315.1 million one year ago.

Sage

Sage, the accounting software provider, saw net income rise 24.6 per cent to #16.5 million for the six months to 31 March. Turnover was up 21 per cent at #88.8 million, and earnings per share increased 22 per cent to 14.7 pence.

MMT Computing

MMT Computing shares rose 40p to 1273p on 13 May after the IT group reported increased first-half pre-tax profits from #2.42 million to #4.25 million. MMT also unveiled its #1.9 million acquisition of 60 per cent of Summers Associates, the IT staffing agency.

Micro Focus

Computer services company Micro Focus saw shares jump 60p to 635p on 15 May, when it revealed first-quarter pre-tax profits rose 130 per cent to #4.95 million. The group concentrates in adapting modern computer applications for older mainframe computers and has begun to see contracts starting for adapting systems for the Euro.

Digi International

Digi International the data communications, hardware and software provider, has disclosed net income for the second quarter ended 31 March at $4.7 million, compared with a net loss of $9.4 million in the previous year.

Turnover was at $45.1 million compared with $40.4 million last time.