IBM Shares Mimick Company Growth by Moving Sideways

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IBM Shares Mimick Company Growth by Moving Sideways

by TheStreet 0:58 mins

IBM Shares Mimick Company Growth by Moving Sideways

by TheStreet 0:58 mins

Shares of IBM drift sideways on Thursday making it TheStreet's Move of the Day. The software and services company that most consumers recognize for its iconic blue logo reported on Thursday second quarter revenue that receded 2% from the same period a year ago as its service backlog continued to slide. More than half of IBM's revenue comes from services. The weaker-than-anticipated services revenue failed to sink the stock in Friday trading as traders expect the coming quarter to be more constructive. Cantor Fitzgerald analyst Brian White wrote in a research note: "In our view, the tone of last night's call was decidedly more constructive than in recent quarters, and we believe the worst is over for IBM as the recovery appears to be in the works."

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