Now that its nemesis, Dell (DELL), is going private and bowing out of the quarterly earnings spotlight, Hewlett-Packard (HPQ) finds itself at the intersection of two clichés: Misery loves company (but) breaking up is hard to do.

Of course, there’s no public sign of weakness. Within minutes of Dell’s deal announcement, HP released a statement that said Dell faces “a very tough road ahead” as a privately held enterprise. “Leveraged buyouts,” the company argued, “tend to leave existing customers and innovation at the curb. Dell’s customers will now be eager to explore alternatives, and HP plans to take full advantage of that opportunity.”

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