HEWLETT-PACKARD CO. $32 - New York symbol HPQ

HEWLETT-PACKARD CO. $32 (New York symbol HPQ; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 1.8 billion; Market cap: $57.6 billion; Price-to-sales ratio: 0.6; Dividend yield: 2.2%; TSINetwork Rating: Average; www.hp.com) is buying Aruba Networks (Nasdaq symbol ARUN), a maker of hardware and software that help businesses make their high-speed wireless networks faster and more secure.

Hewlett will pay $3.0 billion when it completes the purchase later this year. If you include the cash Aruba holds, the purchase price falls to $2.7 billion.

Hewlett-Packard is a hold.

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