That's a Wall St. view that completely misses the point. You could look at it very differently. The new CEO is making some bold moves to undo a bunch of bad decisions his predecessors made.

Buying Palm was nonsense. HP was never the company to make it work. Contrary to that, Autonomy, one of the best software companies in the world, is a good fit for HP's enterprise strategy.

Spinning off the PC business is very likely a step towards selling it altogether, similar to what IBM did years ago.

I think these are all steps in the right direction and I'm thinking of buying the stock once the current stock market panic has settled down a bit.