There won't be any split in the near future. Earnings announcement comming on top of it. Should be a real mess. “They are now atoning for their sins,” says Dave Novosel of research firm Gimme Credit. He notes that while HP has more than $11 billion in cash, that stash is overshadowed by its $28 billion debt load. What’s more, he says, the firm is still paying the tab for $18 billion in poorly timed share buybacks since 2010. (Compare those sums to HP’s present $32 billion market value). “There’s so much debt, they’re strategically confused, and the cash flow needs to grow,” Novosel says. “I’d find it hard to believe they could go private.”
Maybe Novosel is not so bright to consider that part of the strategy of HP is to not make itself a buyout target. If HP had no debt but $11B in cash then someone could #$%$ them up for a mere $21B. Then the BOD would be out of a job and they don't want that to happen.