IBM's numbers are not that bad. Earnings beat, although revenue was light due to currency issues. They also increased their low end guidence to a minimum of $11.25 eps.
Since the street has them at consensus at $11.27, I guess the traders are bearish and selling it hard after hours.
I thought the qauter was pretty good. And it showcases that IBM would have beaten EPS more-so if the currency was not a factor, but this operating leverage is obviously lost on the street.
Regardless, IBM remains inexpensive. At $11.25, minimum, with a trailing PE of 12, stock price merits at least a $135 price ($11.25 x 12). Keep in mind that 6 months ago the low minimum was to have an eps of $11.00 for 2010.
I will be a buyer tomorrow into this weakness.
(I would have sent this post out sooner, but got stopped out of internet access again.)