Can IBM Fight off Falling Revenue Without Having to Make Layoffs?

Shares of IBM (IBM) have underperformed in a rising market over the last 12 months and the company is denying reports of massive layoffs -- but with declining revenue, is it time to worry? A Monday report in an otherwise quiet market shook up investors, forcing IBM to issue a denial to a Forbes story that said layoffs at the sinking tech titan were on the way. The company's partnership with Apple (AAPL) hasn't generated the top-line injection it was hoping for. A campaign of asset sales has chipped at the company's top line, and without replacing outgoing income, the New York tech company is looking for new revenue drivers.