HP (HPQ) Withstands the Jim Chanos Hammer... For Now

Shares of Hewlett-Packard (NYSE: HPQ) are volitale mid-day after famed short-seller Jim Chanos negativity highlighted the stock at CNBC's Delivering Alpha conference. Chanos called the stock the "ultimate value trap" and said he is short the name.

Chanos said the company hides R&D spending via acquisitions and called the recent Autonomy acquisition a disaster. He also discussed the problematic balance sheet, highlighting that company debt has skyrocketed.

After spiking lower on the initial Chanos' comments, shares of HP have recovered most of the losses. Shares last traded at $19.36, up 2.6 percent. The intra-day low was $18.80.

But while HP is holding its own today, HP investors should be taking a close look at another one of Chanos' shorts - First Solar (Nasdaq: FSLR). After hanging in for months after he initially highlighted his short bet, shares eventually plunged and continues to flail.

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