In the fiscal quarter since CEO Carly Fiorina has taken her job, HP’s stock price has slid from $118 on the day she was named to $74. HP claims that the only questionable part of its business is Unix servers, and perhaps its ability to deliver PC components in the wake of Taiwan earthquakes. But in every measure imaginable, HP’s stock is performing behind the rest of the computer market and the stock market in general. Facing such a rough first inning for the Carly team, HP called a press conference with market analysts at the end of October to assure them all was under control.” Given the fact that our PC and imaging businesses — comprising some 75 percent of HP’s overall business — are in excellent health, we are surprised by the magnitude of the decline in our stock price,” said Robert P. Wayman, HP executive vice president and CFO. “We have our challenges, and in the coming weeks we’ll share our plans to address them and to build on our many opportunities. We remain convinced that HP is an excellent investment, and we are buying HP stock aggressively.”

At presstime the buybacks had helped to hold the line, but the share price remained in the low 70s. HP has warned the market that the fourth quarter might show the impact of weak enterprise sales of its Unix system servers in the North American market. The HP picture called for strong growth and excellent profitability in printers, imaging products and supplies, although HP had to pay a $112,000 fine to the EPA for using an uncertified chemical in its inkjet inks, as well as submit to a wider probe of the chemical process. HP’s official results appear on November 17, the first full quarter under the direction of its new CEO — whose impact probably hasn’t been felt yet.