When people focus on tech, they always come back to the big Nasdaq names: Dell (DELL) - Get Report, Intel (INTC) - Get Report, Microsoft (MSFT) - Get Report and Oracle (ORCL) - Get Report

They also have a couple of

NYSE

names,

EMC

(EMC)

being the most visible but also

IBM

(IBM) - Get Report

.

Why don't they focus on

Hewlett-Packard

(HPQ) - Get Report

? Most tech stocks are well off their highs because of product concerns revolving around the so-called "nothing new" drives (thanks, Vista) or because of overvaluation.

Consider, though, if you will, the case of Hewlett-Packard:

    It trades at 13 times earnings with a forward price-to-earnings ratio of 15.

    It's a big beneficiary of the semiconductor wars.

    It has an unassailable printing and photography business when it comes to digital -- ask Kodak!

    Great leadership in the form of Mark Hurd, an inspiring boss who has turned the company around.

    I believe that this stock is so close to its highs for all of the reasons above. I suspect that it can go higher without any problem, simply because the valuation is so darned cheap.

    This is a stock that has not been pulled down by all the bad news in tech. It is the No. 1 name to go to for hardware.

    It is also an excellent place to hide for those who want tech.

    At the time of publication, Cramer was long Microsoft.

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