The two were concerned about some line items that were not that strong, such as printers and enterprise. But Cramer says Whitman had an answer for everything and the stock consequently went from down 1% to one of the leaders in the market on Thursday.
Cramer likes the company's extraordinary cash flow generation, its ability to make acquisitions and its 1% revenue growth. He also notes the company is "starting to play offense." Cramer says there is not a lot to like about Hewlett-Packard, but there is "enough to like."
"We rate HEWLETT-PACKARD CO (HPQ) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and poor profit margins."