IBM

Jan. 23, 2017 Summary IBM reported the results of its Q4 on Thursday evening. The shares essentially got a hall-pass on Friday although the results were singularly difficult to really decipher. Management said the company is in better shape starting 2017 than was the case a year ago – I suppose the point of view…

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October 18, 2016 Summary IBM reported results for fiscal Q2 yesterday evening. The results appeared to be a beat but the beat came from massive sales of IP coupled with a lower, unsustainable tax rate. The company saw pressure on gross margins because of the need it has to fund infrastructure in growth initiatives and…

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July 19, 2016 Summary IBM’s Q2 was essentially an in-line quarter buoyed by a plethora of acquisitions and some sales of technology. IBM management maintained guidance that includes a quite aggressive Q4 forecast. IBM experienced slowing growth in strategic initiatives and a greater rate of contraction in organic revenues. IBM saw operating margins contract as…

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Apr. 19, 2016 2:31 PM ET Summary IBM reported headline numbers last evening that looked to be a top-line and earnings beat. Much of the headline topics were products of one-time events and US dollar depreciation. IBM substantially reduced the EPS guidance for its Q2. IBM’s strategic imperatives business segment showed significant percentage growth slowdowns.…

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Feb. 19, 2016 Summary Morgan Stanley upgraded IBM. Morgan Stanley’s price target of $140 for IBM shares is just 6% above current quotations. Morgan Stanley feels that an upcoming analyst meeting may serve as a catalyst to change investor perceptions. In reality, the numbers suggest that the core of IBM is continuing to deteriorate and…

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Jan. 27, 2016 Summary IBM is in the midst of a profound and long lasting loss of market share in key business areas! IBM’s success in what it calls “Strategic Imperatives” serves to mask the company’s real performance. Much of IBM’s Cloud initiative is no more or less than simple cannibalization! IBM’s software business has…

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