Hewlett-Packard does relatively well in Q3

The third-quarter results are a little better than the results reported in the second quarter. At that time, management only met expectations, and per-share profit saw a slight drop year-over-year. Let me quickly add that I'm not saying Q3 was a heck of a lot better than Q2, but it's all relative. As the DailyFinance piece made clear, demand for printers and PCs is not wholly healthy.

The assumption is, however, that the situation will turn around eventually. How sharp the turnaround will be is anyone's guess. Hewlett-Packard will have to continue keeping a lid on costs and managing for the rest of the recession's lifespan. So far, cash flow seems to be okay. The nine-month free-cash-flow figure worked for me, as did the change in the amount of cash and cash equivalents on the balance sheet.

I'm not wild about trading Hewlett-Packard, but like I said before, the company should be investigated by investors who are willing to hold the stock in a portfolio built on patience. This is a valuable brand in the computing space, and it should be around for a long time to come.

Disclosure: I don't own any company mentioned; positions can change without notice.