IBM CEO Rometty Buys Almost $3 Million in Company Stock - TheStreet

IBM  (IBM) - Get Report  Chief Executive Virginia M. Rometty bought close to $3 million in company shares, according to filings made with the Securities and Exchange Commission. 

IBM shares were up around 4% to $120.22 on news of the buy.

Late last month, IBM announced plans to buy back $4 billion in shares over time in a stock repurchase program.

The purchases come after IBM announced plans late last month to buy the open source cloud software provider Red Hat (RHT) - Get Report at $190 per share in cash. The purchase was IBM's largest, reported Bloomberg.

Calling the Red Hat deal a "game-changer," Rometty said the purchase would make the company the world's No. 1 "hybrid cloud provider."

With a two-decade partnership with Red Hat, IBM has long worked with the Linux-based company on cloud products for its $19 billion hybrid cloud business.

Earlier in October, IBM reported its third quarter earnings, which showed revenue down 2% at $18.8 billion.