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

To: The Duke of URL© who wrote (2635)	2/26/2003 11:25:17 PM
From: Elroy	Respond to of 4345

Cash went up by $1.5B in the quarter, but short term debt went up by $1.2B, so nothing to brag about there. Operations generated cash, but non-operations uses of cash include the dividend payment (I think about $280 million) and they bought back some shares (which they then doled out and more likely in the form of options as sharecount increased despite the buyback). Nevertheless, wherever the company chose to allocate expenses, operating margins are now 6.2%, and there remains some modest cost cutting to implement. I wonder if any of these analysts kept in mind that in October HPQ modestly exceeded revenue expectations, so modestly missing them in January balances out to a wash. Elroy