Citi analyst Jim Suva said HP Inc. reported "good" Q3 results, but the conference call and details about the quarter presented "lot of surprises" that add uncertainty for investors. Following the report, he trimmed his FY20 EPS estimate, citing macro conditions and increased difficulties in the print industry. While he thinks HP will grow EPS in 2020, Suva said it won't be due to organic sales growth but mostly from buybacks and cost cutting. He lowered his price target on HP shares to $20 from $21 and keeps a Neutral rating on the stock.

In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.

Ferrari (RACE) announces that Ferrari S.p.A. has signed a multiyear partnership agreement with HP Inc. (HPQ), through which its brand will appear on racing properties of Scuderia Ferrari.