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Jim Cramer: Sell, Sell, Sell HPQ

That's because in the end, this company, like Dell (DELL), is just an assembler of parts with very little added. You can assemble the parts, too. The services business, GME, bought by Mark Hurd to diversify away from hardware, is getting crushed by Accenture (ACN), IBM (IBM) and SAP (SAP). The phone business Palm, also bought to diversify, is stillborn. And finally, the networking business, which looked so promising as a competitor to Cisco (CSCO), has been crushed by that recharged colossus.

It would be enough to stay away from HPQ just because of the crushing of all of those others businesses. But the simple fact is that there were accounting irregularities here that cost them $10 billion and even if everything were hunky dory away from that I would still tell you to sell. And sell. And sell.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long IBM.

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