Stocks Started Lower on HP Charge

U.S. stocks began lower on Tuesday as Hewlett-Packard Co. (NYSE:HPQ) took a beating on news of accounting improprieties. The Dow Jones Industrial Average lately fell 37.37 points, or 0.29%, to 12,758.59. The S&P 500 index shed 2.41 points, or 0.17%, to 1,384.48. Tne Nasdaq Composite declined 4.66 points, or 0.16%, to 2,911.41.

Shares of Hewlett-Packard plunged Tuesday after the company disclosed “serious accounting improprieties” atAutonomy Corp. that led to an $8.8 billion asset-impairment charge.

Construction on new homes rose in October to the highest rate in more than four years, government data showed Tuesday, in another sign of a strengthening U.S. housing market. Housing starts rose 3.6% last month to a seasonally adjusted annual rate of 894,000, the highest rate since July 2008, the U.S. Department of Commerce reported.

Green Mountain Coffee Roasters Inc (GMCR) appointed Coca-Cola Inc (KO) executive Brian Kelley to its top post, replacing Lawrence Blanford who had led the company since 2007. Kelley, who will take charge on December 3, has been the chief product supply officer for Coca Cola Refreshments since October 2010 and was expected to take over as president of the unit next January.

Credit Suisse Group (CS) says it is overhauling its investment banking division and merging its private banking and wealth management arms to cut costs and satisfy regulators. Switzerland’s second-largest bank, which has been shedding thousands of jobs to counter falling profits, announced the shakeups Tuesday to take effect at the end of November.

Best Buy reported quarterly earnings Tuesday that badly missed even the lowered expectations for profit, though revenue was a shade better than estimates. Best Buy’s earnings excluding items were 4 cents a share and its revenue fell to $10.75 billion during the quarter from $11.145 billion the previous year. The company also lowered guidance for free cash flow to between $850 million and $1.05 billion for 2013, against previous estimates of $1.25 billion to $1.5 billion.

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