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HP equity portfolio down in Q3

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CIOL Bureau
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NEW YORK: Hewlett-Packard, which announced plans to buy competitor Compaq

Computer Corp. on Sept. 4, said in a Securities and Exchange Commission filing

that its proceeds from sales of securities and gross realized gains were less

than $1 million.

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Computer and printer maker Hewlett-Packard Co said in a filing on Friday that

its portfolio of equity and debt securities was worth $1.075 billion at the end

of its fiscal third quarter on July 31, a decline of about $1 million from April

30.

That compares with investment proceeds of $26 million and gross realized

gains of $24 million in the year-earlier period. The company also said that it

had gross unrealized gains in its portfolio of $68 million and gross unrealized

losses of $23 million in the three months ended July 31, 2001.

Many technology companies have had to write down their equity investments

this year in both private and public companies as stock valuations have declined

sharply. HP recorded an impairment loss - which it attributed to the global

economic downturn - of $365 million on its investments in both public and

private emerging market companies in the first quarter of fiscal 2001.

(C) Reuters Limited 2001

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