IBM may have posted average earnings for its third quarter, but their stock has had a fantastic day. Equities reports that:
…its share price saw a 9% jump from $146 to $159. As an investor, you might be confused by this apparent contradiction but the market is rewarding IBM for its successful transition to the new technological application.
This has surprised investors in several ways. IBM’s commitment to fighting against Amazon for the top spot in cloud based technology is one reason according to Marketwatch. This has been one of IBM’s aces in the hole; as cloud technology becomes more and more important to host applications, data and support the AI race, the company has flourished.
Combine this with IBM’s recent partnership with major banks such as BBVA and National Australia Bank to develop blockchain technology for quicker banking transactions, it looks like “Big Blue” is ready to make a serious push in the coming months.
Marketwatch even goes so far as to write that:
IBM’s stock is now 6% higher than where it stood in early June, while Apple’s stock is up 3.2%. Furthermore, each the top-performing advisers continue to recommend IBM’s stock for purchase.
It’s hard to argue that IBM is not one of the top stocks in the tech world today, yet it is often overlooked. The FANG stocks are constantly grabbing headlines, but do not let that distract you from IBM’s incredible performance and potential.
Investors should consider IBM for their next tech investment. Keep an eye on their developments going forward and judge if it is the right purchase for you.
To read Equities’ in depth analysis of IBM’s strategy and stock performance, click here.
To read Marketwatch’s article on IBM outperforming Apple, click here.
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