NEW YORK ( TheStreet) -- Although I haven't led the charge proclaiming Meg Whitman's candidacy for CEO of the year, investors who bought Hewlett-Packard's (HPQ - Get Report) stock at the beginning of 2013 have every reason to cast their ballots for her.Not only are HP shares up well over 70% on the year, but they are up 115% when dating back to the lows of last November. But here's the thing: If you expand this reflective horizon back six additional months to May 2, 2012, the stock has traded flat, at best.
Meanwhile, although Dell (DELL) was far from an outperformer, Dell's PC unit posted only a 9% revenue decline. While I'm willing to be a little patient here with HP for its PC deficits, there are other areas of the business that raise some red flags. For instance, the 37% decline in Business Critical Systems was certainly discouraging. Not to mention the 3% decline in tech services. It certainly seems as if HP is losing share to Dell, which posted a 10% year-over-year increase in its enterprise division. For that matter, Dell managed 12% growth in its non-PC side of its business.