Slashing Through the H-P Hype

Platt's on his way out. That's why this stock is jumping.
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Author's Note: Now I understand what I was missing before. The press release didn't spell this out clearly, but CEO Lew Platt is leaving after H-P spins off its new measurement company. So that's why the stock is up 5!

The following story was posted at 12:38 p.m. EST:

Don't Believe the H-P Hype

Talk about glass half-full!! What am I missing with

Hewlett-Packard

(HWP)

, and why couldn't it have done this when I was long H-P?

No matter how I slice or dice this H-P announcement, I can't see paying up 7 on where it was before the company blew the quarter.

One possible explanation: There will be a sizable chunk of the company that

won't

be run by Lew Platt. That could explain 3 or 4 points, but 7? Give me a break. This one's not getting off my

restricted trading list that easily!

What this H-P move might be signaling is an ebbing of the tarnishing wave that this market has felt since the beginning of the personal computer decline.

Let's face it, the leader of this market for as long as most can remember has been personal computers. The loss of that leadership has created a vacuum that has still not been filled. The bull in me, which periodically threatens to burst out of me like in one of those

Alien

movies, says today that instead of just a handful of leaders moving and everyone else staying home, many different stocks are moving up. That's healthy.

Of course, it is good to see the non-PC portion of tech ramping, too. Who'd a thunk we didn't need

Dell

(DELL) - Get Report

and

Intel

(INTC) - Get Report

and

Cisco

(CSCO) - Get Report

to have a positive MSH (the

Morgan Stanley High-Tech

index).

Bizarre!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund was long Cisco, though positions can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column by sending an email to

letters@thestreet.com.