Although I doubt there were many investors still holding serious hope
that the first quarter of 2013 was going to end up being a good one for
tech companies, IBM (NYSE:IBM)
likely snuffed out those hopes with an uncommonly weak quarter. With
Big Blue missing for the first time in eight years, and missing across
the board, it's pretty clear that business conditions have slowed
markedly. Management remains optimistic that business will recover with a
strong second half, but even with the big post-earnings decline these
shares are not exactly cheap.
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