TheStreet's Jim Cramer told "Mad Money" Research Director Nicole Urken that it's time to start questioning the company's operations, since it has so many different business segments that are underperforming.
Famed investor Warren Buffett has been a big backer of the company, something that has likely prevented the stock from trading down to $150, Cramer added.
He went on to say that while IBM's buyback is nice, it's not aggressive enough at the moment.Also, buybacks are nice for companies with slight growth, not ones that have negative growth. In that instance, many investors shouldn't care about the buyback. Cramer suggested that the company has still not figured out how to adapt to the quickly changing competitive landscape, indicative of the ongoing earnings misses. After searching for reasons to own the stock, Cramer concluded there was only one positive thing at the moment: The share buyback. He added that without Buffett as a big shareholder, the stock would be in a lot more trouble. "This company is structurally challenged," he said. Video