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1. Hewlett-Packard ( HPQ)

Company Profile: Hewlett-Packard is one of the world's leading computer makers. The company provides technologies, software and services to consumers and businesses.

Paulson's Investment: The hedge fund grabbed 25 million shares of HP during the first quarter, a position worth $1 billion as of March 31.

Shares of HP are down 5% this year, and has become a favorite of value investors as the stock trades at less than 7 times next year's earnings, a steep discount to the broader market. Shares fell hard late Monday after multiple reports that chief executive officer Leo Apotheker circulated a letter on May 4 saying HP is in for "another tough quarter" and stressing the necessity of "watching every penny."

>>To see these stocks in action, visit the Paulson's 10 Best New Investment Ideas portfolio on Stockpickr.

-- Written by Robert Holmes in Boston.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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