IBM authorized an additional 10B buy back, and issued their dividend today.
Seeing how they only have $2.3B remaining from the previous buyback, IBM is a rare company that actually buys its shares when they say they will. But with a such a discounted PE (12.63) in relation to its earnings growth rate (15%), and with respect to the overall SP500, I can see why they want to buy back as many shares as possible.
IBM has the right product mix. The correct transformation strategy. The correct cash allocation scheme. With all these things, it is really hard not to like IBM as an investment, regardless as to where the market may or may not go.