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The restructuring initiatives taken by Hewlett-Packard Company (HPQ - Analyst Report) have enhanced its efficiency and output. These initiatives have helped the company win a deal worth $67 million, from the Government of Catalonia, Generalitat de Catalunya or CTTI.

The contract spanning 10-years requires H-P to transform CTTI’s computing environment to a cloud-based infrastructure to enhance the system and the services provided to its citizens. H-P will use virtual private clouds based in Spain to manage the organization’s computing environment. This marks the entry of H-P’s managed cloud services into Spain through the deployment of H-P Enterprise Cloud Services network which is already available in other European countries.

Additionally, H-P was recently selected by Beijing-based Oriental DreamWorks as its official technology partner. Oriental DreamWorks is a joint venture between the China consortium, led by China Media Capital and Hollywood's DreamWorks Animation.

The technical collaboration will aid Oriental DreamWorks to provide unique and creative content, broadcast in China and exported worldwide.

Hewlett-Packard is progressing on its cloud computing technology. The company is busy shifting its focus from a PC-centric business to the high-margin server, storage and cloud computing space. Moreover, the company witnessed some recent wins in emerging markets like Brazil, Russia, India and China.

Although new deals from different segments such as animation, entertainment, digital printing, mobile computing and cloud computing have helped the company, a not-so-encouraging PC business puts downward pressure on its business model.

Currently, HPQ has a Zacks Rank #3 (Hold). Investors may also consider technology stocks such as International Business Machines (IBM - Analyst Report), NCR Corp. (NCR - Analyst Report) and Pegasystems Inc. (WDC - Analyst Report), all of which carry a Zacks Rank #2 (Buy).

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