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Today's Wall St. Journal (paid reg. req.) looks at the efforts of the new Hewlett-Packard (HPQ) CEO, Mark Hurd, to find ways for Silicon Valley's 'old grey lady' to grow sales. Key excerpts:

    [New CEO Mark] Hurd, considered a nuts-and-bolts executive rather than a tech visionary, has given two H-P insiders, Shane Robison, the company's chief technology and strategy officer, and Marius Haas, senior vice president of strategy, the job of helping to devise a growth plan. For the past few months, Messrs. Robison and Haas have gathered data from within H-P and without, talking to customers, industry analysts and investment bankers, and creating models and spreadsheets to figure out what to do...

    H-P's revenue growth since 2000 has largely loitered in the single-digit range... The sheer size of H-P makes achieving faster growth a challenge. H-P is an $80 billion-a-year company... For it to grow one extra percentage point a year requires it to add nearly a billion dollars in revenue... That's a high bar: Apple Computer Inc.'s hit iPod music player, for instance, was on the market for two years before its sales reached $1 billion annually...

    Last month, Mr. Hurd told an industry conference that H-P will "double down" on servers, storage and computer-management software, as part of its strategy to make fewer, but larger, investment wagers... H-P has already taken some steps to rev up growth. It recently bought several small companies, such as closely held software maker RLX Technologies and publicly traded software maker Peregrine Systems, to beef up its software business. More such deals are in the pipeline, says a person familiar with the matter...

HPQ 1-yr chart:

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Source: New Hewlett Packard CEO Trying to Reignite Growth (HPQ)