NEW YORK (Standard&Poor's) Sept. 20, 2004--Hewlett-Packard Co. (A-/Stable/A-1) recently announced that it repurchased approximately $1.3 billion of its outstanding common stock in an accelerated share repurchase agreement. Including the accelerated repurchases, the company expects share repurchases for the fourth quarter ended Oct. 31, 2004 to total about $2.1 billion. In addition, the board of directors approved the authorization of an additional $3 billion of share repurchases. Standard&Poor's Ratings Services does not expect the share repurchase to have an impact on the ratings or outlook on Hewlett-Packard. The company is expected to maintain its strong financial profile and very substantial liquidity. As of July 31, 2004, Hewlett-Packard had cash and short-term investments in excess of $14 billion,
