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HP jumps on signs of recovery

Hewlett-Packard is showing signs of recovery as it strengthened its position as the world’s largest maker of personal computers.

In the first quarter, it gained back some of the business it lost while weighing whether to dump its PC division.

HP’s stock jumped 7 per cent by mid-afternoon trading on Wall Street overnight, the first trading day since research groups Gartner and IDC released their quarterly PC shipment estimates.

Hewlett-Packard Co is in the midst of a turnaround effort under a new chief, former eBay Inc CEO Meg Whitman.

Her predecessor, Leo Apotheker, wanted to sell or spin off the PC business.

Under Whitman, HP decided a month later to keep the unit.

The company lost market share during that period of uncertainty.

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