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Tickers in this Article: HPQ, IBM, GIS, DELL, C
Although the economy is presently in a bit of a tizzy in the very near run, investors should be extremely bullish about the longer-term prospects for personal computers. In a nutshell, PCs are part of us, part of how we do business, and part of how we as American's communicate with one another. So the future for Hewlett Packard (NYSE:HPQ) looks very promising.

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Why Hewlett Packard Computes
The company made headlines earlier in the week when it released its third quarter earnings. One important fact to come from that report was that it earned 91 cents per share in the period excluding items, which was 1 cent more than analysts were expecting. While the number wasn't leaps and bounds ahead of expectations, it will draw eyeballs. Remember that investors often like to jump on companies that are turning in earnings ahead of expectations.

But even beyond the most recent earnings release, it's interesting that the tech giant can be had for just 11.5 times the current year estimate (which is $3.75). That's cheap, given that the company is essentially expected to grow its EPS double digits from 2009-2010 (the 2010 estimate is $4.14 a share). Since we are talking computers here, it's also important to note that Dell Computer (Nasdaq:DELL) looks promising, as well. It trades at a little bit over 14-times this year's estimate, and it's expected to grow its EPS at a more than 18% clip from the current year to next year.

HP also trades in the upper-end of its 52-week trading range. The reason: again, investors may be more apt to jump on a stock that's doing well.

Tech legend "Big Blue," aka IBM (NYSE:IBM) is also intriguing, at just 12-times this year's estimate. It may soon make a new high, and investors should be extremely bullish on its longer-term prospects. It's expected to grow at a more than 9% rate per annum in the next five years.

Finally, it's important to note that an insider/director, Robert Ryan, reportedly purchased more than 7,500 shares earlier in the year at $34.64. He is also, according to the HP website, a director at Citigroup (NYSE:C) and General Mills (NYSE:GIS).

The Bottom Line
It makes sense to remain bullish on Hewlett Packard. In the long run I'm very optimistic about the demand for PCs, and the company is a good value on the price-to-expected earnings front. (For more, check out Technology Sector Funds.)

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