Cramer on BloggingStocks: H-P feeds a hungry market

Posted Feb 20th 2008 8:30AM by Jim Cramer
Filed under: Cisco Systems (CSCO), Hewlett-Packard (HPQ), General Motors (GM), Market Matters, Lehman Br Holdings (LEH), Stocks to Buy, Cramer on BloggingStocks

TheStreet.com's Jim Cramer says the tech giant's earnings upside surprise should lift some gloom.

Very difficult to fathom what's going on here. No real data points, nothing really happening except emotion.

That was, until after the close (Tuesday), when we got Hewlett-Packard (NYSE: HPQ) (Cramer's Take).

Most people won't believe that HPQ is zero-sum, which in many ways it is. We will see another rally in tech a la the rally after Cisco (NASDAQ: CSCO) (Cramer's Take) blew up and then didn't blow up, because HPQ is very bellwether-ish.

I think this market was looking for a catalyst -- beyond spiking commodity prices -- and it might have caught it in this HPQ number.

This is a market that is starved for good news away from the endless rally in natural gas/coal and oil.

Starved.

When it gets it, the way Cisco didn't go down after its now notorious guidance, you can catch a rally.

Worth betting that way for now.

Random musings: GM's (NYSE: GM) (Cramer's Take) building's price might cause people to re-evaluate the selling in a Vornado (NYSE: VNO) (Cramer's Take) here. Might even make people feel better about the commercial real estate portfolio that got Lehman (NYSE: LEH) (Cramer's Take) slammed yesterday.

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Hewlett-Packard.

Tags: cisco, csco, featured, gm, hewlett-packard, hpq, jim cramer, JimCramer, leh, vno