Hewlett-Packard aims to offer it all in the tech world, from hardware and servers to technology services to enterprise IT management.
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The Street had an article on HP being undervalued which initially brought my attention to it:http://business-news.thestreet.com/daily-freeman/story/hp-undervalued-and-preparing-for-apple-assault/11525827Looking at the numbers closer, free cash flow hasn't been great lately (and I had heard about HP's constant changes in management and long term goals). Getting back into the tablet market is going to be huge. The HP computers are some of the best on the market (I have bought two over the years), and I feel they can bring that reputation to the tablet market, even up against giants like Apple.From a stock standpoint, they are paying down debt and buying up stock. P/E drastically below other tech competitors. A dividend cut could be possible in order to save money for their other projects, but I think long term this will pay off for HP.
HPQ has recently caught my attention as well; for much of the same reasons you've listed above. FCF/Revenue > 5% (regardless of the industry, that is pretty good). The stock is pretty close to the 52 week low and not quite sure why it is trending lower at the moment. Nonetheless, I think this will be a good long-term play.
I also think XRX is trading at a discount, I bought in at $8.32 a few weeks ago and it is trending the same direction as HPQ. I'll have to decide between the two.