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HP has "a Little of What Everyone Wants"

Hewlett-Packard shares trading down slightly after reporting better than expected earnings and revenues.

Guidance for the current quarter was given at $1.12...above consensus was $1.07. They reaffirmed full year guidance.

But is it that enough to move the stock forward...when it has rallied 72 percent since the March lows? At $43, can it be a $50 stock this fall?

They will certainly be asked to clarify the future outlook on the conference call starting soon, but bulls are already saying the body language of the company is positive, citing these comments from the earnings report:

"Business is stabilizing, and we are confident that HP will be an early beneficiary of an economic turnaround and will continue to outperform when conditions improve... HP's performance this quarter is a result of our strong business portfolio, efficient cost structure and scale. We made positive gains in extending our market leadership in key segments and strengthening our competitive position... Record profit in Services, double-digit revenue growth in China, and solid cash flow demonstrate HP's ability to execute."

One tech trader said to me, "its got a little of what everyone wants - growth, emerging mkts, etc."

Another said, "I would characterize HPQ's results on first take as dead in line with the positive previews."

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