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Shares of Hewlett-Packard Company (NYSE: HPQ) fell about 1.7% after analysts at JP Morgan downgraded Hewlett-Packard from “overweight” to “neutral.” The target price for HPQ has been lowered from $55 to $42.

Shares of Staples Inc (NASDAQ: SPLS) dropped about 14.3% after the company reported downbeat first-quarter results and lowered its profit projections for the year. The group's net profit surged 5% to $198.2 million, or $0.28 per share, from $188.8 million, or $0.26 per share, in the year-earlier period. Its revenue increased 1.9% to $6.17 billion. However, analysts were expecting earnings of $0.32 per share on revenue of $6.2 billion. The group now projects 2011 earnings of $1.35 to $1.45 per share, down from its earlier projections of $1.50 to $1.60 per share. However, analysts were projecting earnings of $1.53 per share for the year.

Shares of Nobel Learning Communities Inc (NASDAQ: NLCI) surged about 32% after the company agreed to be purchased Leeds Equity Partners for around $149 million, including consideration paid to holders of outstanding options and warrants. Leeds Equity Partners will pay $11.75 per share in cash, representing a 36% premium over NLCI's closing price on May 17, 2011.

Read more from Benzinga's Markets.

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