IBM Shows Tech Stocks It’s Still Big Blue
It’s been a good day for Big Blue (NYSE:IBM) as it reached an all-time high of $185.99. This represents a 168% rise from IBM’s November 2008 financial-crisis low of $69.50. This increase has contributed to approximately 10% of the Dow’s (NYSE:DIA) 275-point rise today. It’s also a sign IBM is not backing down from Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOG), and the top tech elite.
In a note by Janney analyst Joseph Foresi, he writes of IBM (NYSE:IBM):
“We stress safety, quality, and positive demand trends heading into quarterly results. Our bias is toward Accenture and IBM, which have proven business models, sticky revenue streams, outstanding balance sheets, buy back stock, and pay a dividend. Both names should continue to outperform in an uncertain environment.”
Accenture (NYSE:ACN) saw its own all-time peak in July when it rose to near $64 but today it’s trading around $56.47.
IBM’s stock is up 1.97 % to $185.98 on the news. Shares are up 26.73% year to date. The stock has traded in a 52-week range between $136.70 and $185.99.
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