Update (4:08 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- IBM (IBM) rises 0.58% to $189.86, up $1.10 from its previous close of $188.76, at the close of the trading day on Friday after the company announced it would invest more than $1.2 billion in 15 data centers around the world.
The stock had a volume of 6,053,661, slightly above its average of 5,325,610. It hit a high of $190.81 and a low of $187.90 for the day.
The tech giant revealed its plan to construct the data centers across five continents in an effort to increase its cloud services and reach new customers and markets. The new cloud centers would be located in Washington, Dallas, China, Hong Kong, Japan, India, Mexico City, London and Canada; IBM plans to add data centers in the Middle East and Africa in 2015.
The company said in a statement that the project would increase its number of data centers to 40 in 2014 and would double the cloud capacity of SoftLayer, the foundation of IBM's cloud computing expansion that Big Blue acquired last summer.
"This global expansion is aimed at accelerating into new markets based on growing client demand for high-value cloud," IBM said in a statement.
IBM also noted in a report that estimates call for the global cloud market to reach $200 billion by 2020.
TheStreet Ratings team rates INTL BUSINESS MACHINES CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about its recommendation: