Compaq Prepares for Another Corporate Makeover.

Byline: John Pletz

Jul. 23--Compaq Computer Corp. is out to rebuild itself -- again.

And this time, Chairman and Chief Executive Officer Michael Capellas intends to complete a major makeover in just six months.

Compaq says it will increase its services revenue 40 percent per year, while picking up 3 points of market share in personal computers and low-end servers in the next six months.

Never mind that the industry is suffering its worst slump ever. Never mind that Compaq has been trying to rebuild or reorganize for the past several years after buying Digital Equipment Corp. and Tandem Computers Inc.

So when the company reports earnings Wednesday, investors and analysts probably won't be focused on earnings, which the company …