I know Warren Buffett bought big into IBM, although he sure didn't have anything all that positive to say about it in his Wednesday interview with CNBC's Becky Quick. Regardless, when I look at his Berkshire-Hathaway (BRK.A) portfolio, I think this one is by far the weakest holding. I'll be shocked if he sticks with it.
As with HP, the declines here are both cyclical and secular. Unlike HP, the company seems oblivious to exactly how bad things are.
Again, just a breathtakingly bad quarter. Not much else to say.
Random musings: If you want a terrific contrast between two commerce companies, listen to American Express (AXP) vs. eBay (EBAY). American Express had a terrific quarter with good business throughout, particularly in America. Meanwhile, eBay saw a "dramatic deceleration" in its American business, worse by the week, going right into the fourth quarter. Buy AmEx, sell eBay.At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, had no positions in the securities mentioned. Editor's Note: This article was originally published at 7:50 a.m. EDT on Real Money on Oct. 17.
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