NEW YORK (TheStreet) -- International Business Machine (IBM) failed to wow investors when it reported earnings on Tuesday after the close. TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, gives his take on the report. 

"Outstandingly bad" is how Cramer bluntly described the results. Cash flow was disappointing and revenue declined from a year earlier. 

Cramer pointed out an article by TheStreet's Herb Greenberg, Wall Street Tires of IBM's Managed Earnings, which suggested that the company's earnings per share target of $20 by 2015 may not be achievable. 

Cramer added that IBM's stock would be down much more if the company wasn't such an aggressive buyer of its shares and if famed investor Warren Buffett hadn't endorsed the company so strongly. 

IBM "is not a stock people should own even though the analysts are sticking by it, because I like growth out of technology and IBM has no growth," Cramer said.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend-paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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