NEW YORK ( TheStreet) - Hewlett-Packard (HPQ), the technology and computer maker, extended its 2013 advance to 75% as CEO Meg Whitman said the Palo Alto, Calif.-based company is ahead of its turnaround target.
HP (HPQ) gained 2.8% to close at $24.91.
Hewlett-Packard is rebuilding its businesses and reputation after a series of management changes and questionable deals led most prominently by the 2011 acquisition for the U.K. enterprise search firm Autonomy at a cost of $11.7 billion. HP later said Autonomy was rife with misinformation, and the transaction ended up negating much of the company's profits.
Since taking over HP in September 2011, Whitman has shifted the company's strategy, investing in research and development in an effort to raise sales after seven consecutive quarters of losses. One example is the product called "HP SMB IT" aimed at helping small- and medium-sized businesses find information solutions. The program builds on Google's (GOOG) cloud-based collaboration tools by simplifying customers' IT situation and increasing productivity with minimal setup.HP SMB IT in a box is HP's foray into Google's App Reseller program, and is the newest HP-Google collaboration. HP already has several products that operate on Google's Android and Chrome systems, specifically the HP SladeBook x2, HP Slate7, and the HP Chrome book. The product is expected to be released in July. The focus on software marks a shift towards Big Data. Such products are believed to generate $23.8 billion by 2016. Big Data analyzing software has garnered $11 billion this year, according to market researcher IDC. Such software is needed by businesses of all sizes, universities, government agencies, the healthcare sector and more. "Together with HP's channel partners, we will offer our customers an incredible bundle of PCs, printers and Google Apps for Business, enabling business owners to focus on their customers instead of worrying about IT." said Ron Coughlin, HP's senior vice president and general manager of Consumer PCs and Solutions. HP is still committed to creating hardware but is looking to bundle these products with the software in packages aimed at catering to business needs. Written by Robert Arenella in New York
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV