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IBM is trading at $197.03, up 7.3% since it revealed a 5% decline in revenue to $27.7 billion ($28.25 billion expected) for Q4 2013.
Sales from the so-called BRIC economies (Brazil, Russia, India and China) dropped 14% on the quarter – China accounts for 5% of IBM’s business. It wasn’t all bad news, as the firm announced an increase in net income of 6% to $6.2 billion; however, this was partially due to a drop in its effective tax rate. CEO Ginni Rometty and her senior team passed on their bonuses for 2013; this could be a sign of belt-tightening.
IBM and its competitors are scrabbling for web-based software products such as cloud computing. If this is the way the industry is going I would place more stock in this side of the business rather than the hardware division, which is in decline.
The stock has support around the $195 mark and it has held up relatively well given the selloff in technology stocks recently. If the results are better than expected, it may head towards the $200 mark.
IBM is available for extended hours trading. Here is a list of US stocks that can also be traded outside New York Stock Exchange trading hours of 2.30pm to 9pm (London time).