These announced buybacks may seem dumb but there's a reason for them. HP apparently believes the company is undervalued, which is not unreasonable considering their 8% profit margin and very low P/E relative to competitors like Dell. So by reducing the number of outstanding shares, HP is signaling confidence in its long-term prospects, aiming to ultimately increase EPS and drive up the stock price over time. It's a tax efficient way to increase their own value.