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What???
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$18B Revenue down 0.6%
Cloud and Cognitive $5.3B up 8%
Global Business Services $4.1B up 2%
Global Technology Serivices 6.7%


GTS is down with $6.7 B revenue and 5.6% down and systems are down 14.7%
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GTS is down with $6.7B revenue and down 4% Y/Y

Yes, GTS was the weakest spot. Systems decline was expected.

However on positive note, backlog increased for GTS and supposedly at constant currency they were flat. Z15 just released on had only 1 month of revenue.
Redhat's revenue was not factored in. It grew 20% which is a healthy clip.

My hope is Q4 results are good. Ginny declares victory and hands over CEO job to Whitehurst and then game on.
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My hope is Q4 results are good. Ginny declares victory and hands over CEO job to Whitehurst and then game on

You think Ginny is IBM's problem?
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You think Ginny is IBM's problem?

IBM needs a big culture shock. Redhat management will give them that jolt.
Similar to when Nadella set Microsft in the cloud direction when Ballmer transitioned out.
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UBS Analyst Mujal Shah downgraded IBM today... and cut his price target to $140

UBS analyst Munjal Shah thinks pressure facing IBM's legacy businesses in 2020 will somewhat offset growth from its latest mainframe cycle and its acquisition of Red Hat.

Shah wrote in a note to clients Monday that trends in IBM's global technology services, which accounts for 35% of the company's revenue, don't look encouraging. He cited a backlog down $10 billion from 2016 and signings that are down 9% in the first three quarters of 2019. He thinks those two metrics need to stabilize if investor confidence is to be restored.

"New mainframe and Red Hat acquisition would drive revenue growth next year," Shah wrote. "However, beyond 2020, Red Hat contribution to growth lessens and mainframe compares are difficult."


Really damning part is, beyond 2020 Red Hat growth lessens and GTS headwind is still strong...

Now, my new fascination is whether Berky will do a big buyback or issue dividend first or you will sell IBM.

:)
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"beyond 2020, Red Hat contribution to growth lessens"

What the heck does that mean? Is he just talking about the anniversary of the buy & reported growth vs organic? I can't imagine actually spending time on IBM now, but why would RHAT decelerate so obviously?
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UBS Analyst Mujal Shah downgraded IBM today... and cut his price target to $140


The joke is on the analyst. IBM stock is $133.
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What???
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I am not a believer in what analysts say and don't buy or sell stock based on what someone else says. I do my own assessment, not that I am right but have my own conviction.
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