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IBM Is Still Worth Watching

Nowadays it's hard to take a bullish stance on IBM (NYSE: [[IBM]]) without sounding like just another IBM apologist. After all, the only thing the company seems to constantly grow is hope for a turnaround while nearly everything else continues to head south. Well, at least that's the way it looks from a distance. IBM delivered yet another awful year in fiscal 2014 where both its top and bottom lines continued to contract. Revenue for the year fell 6% to $92.8 billion compared to the previous year (falls to 1% when adjusted for divested businesses and currency). GAAP net income from continuing operations was down 7% to $15.8 billion while diluted GAAP EPS from continuing operations grew an anemic 2% to $15.59. The other noteworthy point from the lackluster report was that gross margin grew 50 basis points to 50.0%.

It's quite easy to dismiss the report as yet another… Read More …