Lots of analyst estimate activity has been taking place of late with computer giant Hewlett-Packard (HPQ).

In just the past month, 15 analysts have upwardly revised earnings estimates for the company's Q4 (ending October), and 21 of the 23 total analysts covering HPQ have upgraded expectations for fiscal year 2008.? The Zacks consensus is $1.02 per share for the quarter and $3.61 for the year.

Hewlett-Packard shares had been creeping up lately toward their year-to-date highs near $50 per share, but the company has sold off to under $46 as of mid-day Wednesday.? The company gained 6% yesterday after it announced the termination of 7.5% of its work force.? All stocks -- including tech firms that expect to meet their numbers, like H-P -- are being openly flogged today.

Zacks senior tech industry analyst Steve Biggs, CFA, who downgraded HPQ shares from Buy to Hold several weeks ago, had this to say about the company at the time: "Its acquisition of EDS adds a slower growth company to its revenue base. (Also) the global economy appears to be slowing, and although HP has benefitted from 68% of revenue coming from overseas, this could hurt going into next year."