Is Leo Regretting The HP Job? (HPQ, ORCL)

Since Leo Apotheker took over the position of CEO at Hewlett-Packard

, it's been one thing after another. First, the company had to deal with former CEO Mark Hurd going to Oracle

, and all of the media hullabaloo that came with Hurd leaving. Then Hewlett-Packard has had leaked memo's, including one

which caused the company to get earnings out earlier than was scheduled. In the memo, Apotheker said the company foresaw a weak May-July quarter, and the 72 year old company needs to figure out what it is doing with its expenses, as the memo said it needed to "watch every penny and minimise all hiring." The company reported earnings of $1.05 per share on revenues of $31.6 billion, which was a climb of 3%. Excluding items, HP reported earnings of $1.24 per share. This was better than what Wall Street expected, which was $1.21 per share on $31.54 billion in revenues. Despite the earnings beat, the company cut the guidance for this quarter, saying it expects $31.1-$31.3 billion in revenues, below the $31.8 billion Wall Street expects. Earnings per share are forecasted to come in at $1.08 per share, well below the $1.24 per share from analysts. The Palo Alto, Calif.-based company also revised full year expectations, saying revenues will be $129-$130 billion, and will earn at least $5 per share, well below what Wall Street is forecasting. Since Apotheker took over the job some 8 months ago, we've had a massive earthquake and tsunami in Japan, which is severely affecting the company's software business. Leo has said that the services business needs work, although the company was able to generate $4 billion in cash. So is Leo regretting the job? He was on CNBC just a few minutes ago, and he seemed to be getting a little frustrated at the questions that the reporters were asking, as every quarter HP has reported since he took over the top spot, has had some caveat. Perhaps he is not regretting the job just yet, but it does appear he is getting a little frustrated. The company's main consumer business, personal computers, fell 5% to $9.4 billion, and is being eaten by Macs and tablets nonstop. At 7 times 2012 earnings, and sporting a 0.8% dividend yield, shares are very cheap at these levels, but that does not mean shares can not get cheaper. For right now, it looks as if investors may want to go elsewhere with their money, until Leo and crew can get the ship turned around. That is, if Leo is still there when it happens.