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IBM 'Got a Little Bit Worse,' Bernstein Analyst Sacconaghi Tells CNBC

NEW YORK (TheStreet) -- Shares of (IBM) are down by 0.28% to $159.42 in early afternoon trading today, as analysts take a closer look at yesterday's second quarter 2016 earnings report.

Toni Sacconaghi, Senior Analyst at Sanford Bernstein, thinks that digging deeper into IBM's report reveals a pessimistic outlook.

"Yes, they beat consensus revenues, but for me, the business actually got a little bit worse this quarter. Revenues were down on a like-for-like basis despite the fact that the comparison was equal,"...


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