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HP's Dunn Resigns R.M. Schneiderman, 09.22.06, 5:45 PM ET After an extended period of rising share prices, the Nasdaq Index closed down slightly last week. The present looks increasingly murky for Hewlett-Packard (nyse: HPQ - news - people ). Chief Executive Officer Mark Hurd said in a press conference late Friday that Chairwoman Patricia Dunn is to resign effective immediately. The news came following reports that Hurd and other executives may have had more to do with the company's snooping scandal than previously thought. Hurd is scheduled to testify before Congress next week. In a statement on Thursday, Hurd stressed that the snooping controversy has nothing to do with the company's strategy or day-to-day operations. Shares of Palm (nasdaq: PALM - news - people ) rose more than 4% on Friday, after the handheld device maker beat the Street's expectations for the first quarter. The Sunnyvale, Calif.-based company reported revenues of $355.8 million, compared to the consensus estimate of $354 million. On a non-GAAP basis, excluding stock-based compensation expenses and adjusting the income tax provision to 40%, the company reported earnings per share of 21 cents--three cents better than the Street's estimate. Bear Stearns (nyse: BSC - news - people ) downgraded Palm shares to "underperform" from "peer perform" in a report on Friday. Yahoo! (nasdaq: YHOO - news - people ) Chairman Terry Semel said on Tuesday that its ad sales growth was slackening, causing shares of the Internet company to fall. The news didn't bode well for Google (nasdaq: GOOG - news - people ) either, as shares of the Internet giant also dropped on Tuesday, a sign that investors felt the company may experience a similar slowdown. That's unlikely to happen though, according to Rob Sanderson, an analyst at American Technology Research. "Weakness at Yahoo! is not indicative of trends at Google," the analyst said in a Wednesday report. The analyst added that Google is not as exposed to the type of branded ad sales that Yahoo! said is affecting them. On Wednesday, Oracle (nasdaq: ORCL - news - people ) saw its shares jump more than 11% to a new 52-week high of $17.93, after the company said first-quarter net income rose 29% to $670 million, or 13 cents per share, compared to $519 million, or 10 cents per share, for the like quarter a year ago. Top-line growth was also impressive, as sales jumped 30% to $3.59 billion. The spike in share price appeared to indicate investor approval of Chairman Larry Ellison's strategy to jump into the specialized applications sector and drive growth through acquisitions.

[Forbes News] HP's Dunn Resigns