All this means that Oracle earnings plow ahead, turning over one-third of its revenue into free cash flow, as Daily Finance notes , leaving HP in its dust.

I am no Oracle fan. I find what Oracle does overpriced. I don't think it's a real cloud. But for big enterprises that are already Oracle customers, the company is offering a reasonable path toward the future, while HP offers nothing.

As always, the bottom line is the bottom line. HP has annual sales of $127 billion against Oracle's $37 billion. But Oracle's market cap is now $153.7 billion and rising, HP's is $29.2 billion and falling. Who is not to say that, once HP downsizes a little more, Hurd won't make Whitman's board a buy-out offer they can't refuse?

At the time of publication, the author had no positions in any of the companies mentioned in this article..

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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