IBM (IBM) was formerly one of the easiest shorts I knew of in the market. Years ago, IBM was still priced like it was a growth stock even though it was nothing of the sort but in the last few years, its Strategic Imperatives, or SI, have been slowly gaining momentum and promising to return IBM to growth. The last time I visited IBM I commented on how its perpetually lower revenue had driven margins lower and that it looked like Q4 had a chance to be the first quarter in six or so years that the company would actually produce YoY revenue growth. Q4 results did indeed show IBM with total revenue growth and while the stock certainly has some problems, I’m still cautiously bullish.
