Really?
As of 11/20/2006, the data of these two companies,
IBM:
Market Cap (intraday): 141.31B
Enterprise Value (20-Nov-06): 152.40B
HPQ:
Market Cap (intraday): 108.93B
Enterprise Value (20-Nov-06): 97.70B
Good results for the past quarter from HP are because of the massive layoffs.