Hewlett-Packard Co. (NYSE: HPQ) has filed its 10-K, and among its top disclosures was that the troubled tech company may sell some of its assets. Actually, the comments should not surprise anyone. HP loses so much money that it must have units that are bleeding red ink.

Oddly enough, the filing indicates that personal computers are one business that HP will keep. The PC industry has become less and less attractive to both manufacturers and investors. Consumers increasingly have replaced PCs with smartphones and tablets. HP has no market share in either sector. And the chance to enter these markets with any success is gone.

HP may claim it could sell off some of its operations. That might include its services business — the former EDS — the value of which already has been written down, or its Autonomy division, the owners of which HP has said committed fraud. It may be that the public corporation is best off, at least in terms of stock holders, to sell off the entire company in pieces.

Douglas A. McIntyre

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