Once the agreement ends, Relational (owns 34.5M shares) will be free to make another activist push if it wishes. And if it does, the nosedive just taken by H-P shares in response to the company's FQ3 revenue miss and FY14 forecast might translate into a receptive audience.
Bernstein's Tony Sacconaghi, who assigns H-P a sum-of-the-parts value of $34/share, is thinking along similar lines. "The stock remains the most inexpensive S&P 500 name on [a price/forward earnings basis]. We believe that we could see incremental pressure from the Board or outsiders for the company to look to take more significant action."