HP Inc. (NYSE: HPQ) had a rough Monday, and the reason is less about what the company said than what it didn't say. HP declined to provide fiscal 2027 financial guidance, telling investors in a regulatory disclosure filed with the Securities and Exchange Commission that it remains in its planning period for the year.

Management added that it's simply premature to hand out specific outlook metrics at this stage. Meanwhile, the broader market was having a fine day: the Nasdaq was up 2.42% and the S&P 500 had gained 1.35%, which makes HP one of the day's weakest performers.

Market Decline Forecasted

HP also warned investors about an upcoming contraction in personal computer unit volumes. Aligning with third-party industry forecasts, the company's preliminary planning assumption projects that industry-wide PC unit volumes will decline roughly mid-single-digit in percentage terms in calendar year 2027 compared to calendar year 2026.

The computer maker noted that its planning assumptions depend on market performance during the second half of calendar year 2026. HP described current market conditions as fluid and subject to change.

Earnings Call Context

The Form 8-K filing follows commentary from the company's third-quarter earnings call on Aug. 26. During that call, HP stated it was premature to issue specific forecasts regarding fiscal 2027 PC unit volumes.

Technical Analysis

From a longer-term trend view, HP is still in a clear uptrend: it's trading above its 20-day SMA ($32.06), 50-day SMA ($29.32), 100-day SMA ($26.30), and 200-day SMA ($23.35). The bullish structure is reinforced by the 20-day SMA sitting above the 50-day SMA and the golden cross that occurred in June (50-day SMA above the 200-day SMA).

The nearby roadmap is fairly clean: the stock is pulling back from the upper end of its 52-week range (high of $36.23) while still holding well above its intermediate trend lines. A prior swing low in July and a swing high in September help frame this as a consolidation phase unless support levels start breaking.

• Key Resistance: $36 — Round-number area just below the $36.23 52-week high where rebounds can stall.
• Key Support: $27 — Prior demand zone that lines up with the broader mid-range of the past year's trading.

HPQ Stock Price Activity: HP shares were down 3.72% at $33.16 at the time of publication on Monday, according to market data.