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Tuesday, July 20, 2010

IBM deeply disappoints. Shares Fall 4.3%

International Business Machines released their second quarter report after the market closed on July 19, 2010. Profit came in at 3.34 billion dollars or $2.61 a share. "The Markets Are Open" commentator Allan Edwards stated, "We knew they would have a solid bottom line...we wanted to see top line growth." Fellow commentator Noam Champsky echoed Edwards concerns, "any company can earn 3 plus billion dollars what really matters is revenue growth... I want to know their business is growing before I can consider a company a solid investment." In after hours trading, which is from the time the markets close until 8:00PM where typically machines accept trades usually at a lower volume saw IBM shares slip. Its shares are currently down 4.3%... Asked what he would like to see from IBM next quarter Edwards snapped back "be better."

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