Stocks to Watch: Hewlett-Packard, Dell (Update 1)

NEW YORK -- Hewlett-Packard(HPQ) , the computer and printer maker, reports earnings after Wednesday's closing bell and an announcement could be made on a restructuring plan that may include the elimination of as many as 30,000 jobs.

Analysts expect HP to report fiscal second-quarter earnings of 91 cents a share on revenue of $29.92 billion.

Computer maker Dell(DELL) fell short of analysts' expectations on both the top and bottom lines in its fiscal first quarter.

Dell also provided second-quarter revenue guidance below analysts' views. Dell predicts revenue of between $14.69 billion and $15 billion; analysts are looking for sales of $15.42 billion.

Shares of Dell dropped 12.8% to $13.15 in premarket trading Wednesday.

Toll Brothers (TOL) , the homebuilder, posted second-quarter profit of 10 cents a share, a swing from a year-earlier loss of 12 cents.

The latest quarter included a tax benefit of $1.2 million.

Revenue rose to $373.7 million from $319.7 million.

Analysts expected Toll to report earnings of 3 cents a share on revenue of $381 million.

Toll Brothers shares ticked up a penny, or 0.04%, to $27.04 in premarket trading Wednesday.

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SAP(SAP) , the German IT services giant, said Tuesday it reached an agreement to buy Ariba(ARBA) for $4.3 billion.

SAP's offer of $45 a share offer represents a 20% premium to Ariba's closing price on Monday.

The deal is expected to close in the third quarter.

Shares of SAP fell 12 cents, or 0.2%, in premarket trading Wednesday to $58.57. Ariba was off 9 cents to $44.78.