NEW YORK ( TheStreet) -- Back in May, as shares of IBM (IBM - Get Report) broke above well above $200 per share, I argued that the bellwether company had gotten overrated. While there's no denying that Big Blue is still posting solid annual profits, revenue has been completely non-existent. This is despite management spending upwards of $16 billion over the past five years in acquisitions.Interestingly, though, unlike, say, Hewlett-Packard (HPQ) and Microsoft (MSFT), which are constantly in analysts' crosshairs for criticism, the Street has never raised a voice towards IBM to complain about its underperformance. Nor has the stock ever gotten cheap, at least until recently.
IBM's Still Stuck in Quicksand
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