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IBM Shapes Up for Software Growth

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IBM shares, which recently hit a new all-time high, were up $3.60, or 1.78%, to $206.32 on Tuesday.

Bank of America Merrill Lynch also highlighted the broader attractiveness of tech stocks, including IBM, in a note released on Tuesday. "The NASDAQ Composite has had a significant technical breakout spanning eleven years," explained technical research analyst Mary Ann Bartels. "It is common for a breakout to be tested and we believe any correction to test the breakout is a buying opportunity."

The investment bank's favored mega-cap technology stocks are IBM, Intel, Microsoft, eBay (EBAY), Cisco (CSCO) and Qualcomm (QCOM), she added.

In addition to IBM, Intel (INTC - Get Report) also reports its first-quarter results after market close on Tuesday, with investors keen to hear more details about the no.1 chip maker's mobile strategy.

Analysts surveyed by Thomson Reuters expect Intel to report revenue of $12.84 billion and earnings of 50 cents a share.

-- Written by James Rogers in New York.

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