Updated with new analysis regarding HP's job cut announcement on May 17, 2012.NEW YORK ( TheStreet) -- In a move that should not come as a surprise, Hewlett-Packard ( HPQ) has announced that it plans to eliminate as many as 30,000 jobs or 8% of its global workforce. How it plans to enact these layoffs remains to be seen. Although there are advantages to easing into it and being more deliberate, an option that will take more than 12 months, the company may also decide to conduct its cuts in massive quantities. However, what is certain is that it is once again committed toward raising shareholder value and competing more effectively with the likes of Apple ( AAPL). As tough as it is to applaud job cuts, from an investment standpoint, the company deserves a considerable amount of credit for what is indeed a difficult decision -- and it would appear that Wall Street agrees by the sudden uptick in the stock upon the news. As conservative as I have been when appraising stock valuations, I will admit that I do tend to get that itchy trigger finger when I see companies that are trading considerably below their fair market value, particularly in the tech sector. Finding these gems not only requires a considerable amount of due diligence, but remarkably, sometimes they are easily overlooked even when they are staring investors dead in the face.