H-P Rediscovers PC Mojo

Updated from 9:21 a.m. EST

Hewlett-Packard(HPQ Quote) got sustenance from an unlikely source last quarter, riding solid gains in its maligned personal computer division to a solid earnings beat.

Startled investors bid up the shares more than 3% to $29.95 early Friday. Dell(DELL Quote), whose recent lackluster PC performance made H-P's all the more improbable, also benefited, rising about a nickel to $29.92 in early trading.

In the fourth quarter ended Oct. 31, H-P reported sales of $22.9 billion, up 7% year over year and above analysts' expectations of $22.78 billion. Earnings fell to $416 million, or 14 cents a share, from $1.09 billion, or 37 cents a share, a year ago, due to a 37-cent-a-share charge related to workforce restructuring and amortization. ...