Hewlett-Packard Co. (NYSE: HPQ) announced cuts of 2,000 people recently as it deferred a recovery of its fortunes by three years. It is not very long ago that former CEO Mark Hurd cut 29,000 jobs, although that was mostly because the buyout of IT firm EDS had not gone well. Downsizing may have solved the EDS problem. The PC problem has not been solved, at least not yet.