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Technology Stocks : Hewlett-Packard (HPQ) -- Ignore unavailable to you. Want to Upgrade?

To: Elwood P. Dowd who wrote (1598)	8/5/2002 7:06:46 AM
From: PCSS	Read Replies (1) \| Respond to of 4345

fron G-S Morning Action Report: HP will report its July qtr on Aug. 27 after the market close. We think our ests of $0.13 on revs of $16.6B capture the many moving variables influencing results. Relative strength in printers and cost savings will be recurring themes as will weakness in enterprise and PCs. Looking forward any variance to our model is likely to be on the downside, particularly on the top-line. That said, the cost cutting aspect to HP's story gives the stock some defensive appeal although we see no near term catalyst for the stock. HPQ, at a CY03 P/E of 10x, trades below its 12-22x pre-bubble range and at a continued discount to Sun and IBM.