IBM Poised to Please
A renewed faith in tech stocks has helped propel IBM (IBM Quote) shares this fall, with some believing a turnaround is nigh for the company's critical but beleaguered services business.
IBM, which reports third-quarter earnings after the bell Tuesday, has been an eager participant in the late-summer rally, with shares surging more than 14% since it delivered its second-quarter results. On Monday, the stock added 63 cents to $86.71 on heavier-than-normal volume.
"I think it's a matter of investors finally showing some interest [in IBM] because it had been lagging," says Bill Gorman, a vice president with the equity research staff at PNC Wealth Management, which holds IBM shares. The stock "hadn't done all that much" until this fall.
"Tech has actually done a lot better since [IBM] reported in mid-July," says Standard & Poor's analyst Richard Stice. ...
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