On the surface that may not seem like a positive for HP but it's an important indicator of where spending is headed and at some level helps validate HP's purchase of Compaq.

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PCs and printers are separate parts of HP, but are closely coupled business at the retail level.

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"With new HP management, we expect to see change at division-level management, particularly in business units that have had poor relative performance, " Bachman said in a research report, indicating that the software division has struggled up until the current January quarter.

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