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More contract wins are coming in the way of Hewlett-Packard Company (HPQ - Analyst Report). Recently, the 20th Century Fox announced the selection of H-P as its strategic cloud partner. Fox will be using H-P’s cloud computing technology to improve the agility and dynamism of its business operation as well as to secure the  entertainment assets of the company.

The digital transformation has put a huge pressure on Fox Enterprise Media Framework (EMF) as it is required to manage, distribute and collate various media assets on the global platform. Fox, through this transformation to the cloud solution, is trying to curtail some of its IT expenditure without compromising on business innovation.         

Hewlett-Packard is making progress with its cloud computing technology. Of late, the company has been trying to shift its focus from the PC-centric business to the high-margin server, storage and cloud computing space.

Moreover, the company has launched a new BPO (business process outsourcing) solution, along with some desktop printers, two media players and other products such as the Moonshot server in the past few months, all of which should further H-P’s plans to diversify.   

H-P is also entering new geographies. Some of its recent wins have come from emerging markets like Brazil, Russia, India and China.

Apart from this, the company has focussed on growth areas such as Digital Printing, which is mainly used by companies for enhancing their image outputs, Mobile Computing and Next-Generation Data Center handling. These are some of the key growth areas that should improve its business volume in 2013.

Currently, HPQ has a Zacks Rank #3 (Hold). Investors may also consider technology stocks such as Symantec Corp. (SYMC), SanDisk Corp. (SNDK - Analyst Report) and Pegasystems Inc. (PEGA - Snapshot Report), which carry a Zacks Rank #1 (Strong Buy) and  Western Digital Company (WDC - Analyst Report) which carries a Zacks Rank #2 (Buy).

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