Hewlett Packard turnaround hinges on 3 things, says Cramer

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After talking with CEO Meg Whitman at length, Cramer has a good idea what's needed to move Hewlett-Packard stock.

"Hewlett Packard needs 3 things, new product, worldwide growth and a lot of luck," said the Mad Money host.

Looking at new product potential, Cramer said, " H-P does have some pretty cool products in the stable including Moonshot, which is a leading server product that can harness the huge internet traffic for enterprises and Autonomy, which is smart search software, an unappreciated and fast growing niche."

Although these products may be impressive, Cramer cautioned that in order to move the needle, new products have to be so innovative they transform the landscape. "And I fear the old innovative days of Bill Hewlett and Dave Packard are long gone," he said.

Mike Fuentes | Bloomberg | Getty Images

The company's HP Enterprise Services unit in Plano, Texas

Worldwide growth would obviously benefit almost every company but Cramer believes it's particularly important for Hewlett-Packard because in the future he sees HP as an internet software and security company.

"But Hewlett-Packard can't make that happen without some economic growth in the world," Cramer explained.

And then there's luck. Obviously luck is the least quantifiable of the factors, however, Cramer noted that there are pockets of strength within the company and as the expression goes, 'you make your own luck.'

"Printers remained a stand out area of Hewlett-Packard," Cramer reminded. "Although business declined units went up, good news for a business that generated $5 billion in sales." Cramer said. "And the software business actually increased 1% although it only did $982 million in revenues."

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Nonetheless, Cramer worries that as the company stands now, headwinds are far stronger than tailwinds.

"Can the company turnaround? Yes," Cramer said, "but without some economic growth in the world, I'm not sure it happens anytime soon."

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