NEW YORK ( TheStreet) -- TheStreet's Jim Cramer and Debra Borchardt teamed up to get to the bottom of Hewlett-Packard's ( HPQ) most recent earnings report.

"You thought they were going to miss big and they didn't," Cramer said. He also noted there were a lot of short-sellers in the name who expected some bad numbers because of Dell's ( DELL) recent woes. He said the HP 10% miss on revenue estimates was bad. Management also expects a lot of extraordinary cash expenses in the second half of 2013, but Cramer thinks that will have a minimal effect in the long term.

He sees a turnaround under way at HP, but he also thinks now is not the time to get into the stock. "I think you've got to wait for Hewlett to come down," after the big jump in share prices, he advised.

Borchardt thought the numbers looked a little "dodgy," but clearly investors are liking the stock and showing they believe in CEO Meg Whitman. Cramer said the venerable tech company is "no longer playing defense, they can now play offense." But in order to be an investment, the company needs worldwide growth and it simply does not have it, he concluded.

Cramer's charitable trust, Action Alerts PLUS , does not own HP.

--By Bret Kenwell in New York.
Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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