IBM reported its quarter and while it beat estimates, there wasn't much else to brag about. The software business was solid, but it wasn't strong enough to offset the weakness in the hardware side. IBM also didn't get any help from China, where business dropped over 20%. The tech giant warned the first quarter of 2014 will be pretty low historically, while the second quarter should be better. IBM also said it will divest more businesses and rebalance the workforce, which is code for layoffs. TheStreet's Debra Borchardt reports from Wall Street.