HP Confident About Forecast

Hewlett-Packard Co. said it remains confident of meeting its forecasts for revenue growth in its current fiscal year, despite the likelihood of a slowdown in PC sales and the broader economy. The company, stung by criticism that it has failed to warn investors of developing problems, stood by its forecast of between 15% and 17% sales growth for fiscal year 2001, and said that the target can be met even if U.S. personal computer sales slump to the single-digit level. Hewlett-Packard shares fell $3 to close at $32 on the NYSE.