IBM (NYSE:IBM) was reinvented six years ago by CEO Sam Palmisiano when he jettisoned the PC business and moved the company into software and services. The results show: IBM just passed Microsoft (NASDAQ:MSFT) to become the world’s second most valuable technology company behind Apple (NASDAQ:AAPL).
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IBM’s (NYSE:IBM) market value rose to $214 billion yesterday, while Microsoft’s fell to $213.2 billion, the first time IBM has exceeded its software rival based on closing prices since 1996. “IBM went beyond technology,” said Ted Schadler, an analyst with Forrester Research Inc. “They were early to recognize that computing was moving way beyond these boxes on our desks.”
IBM is trading at $176.76 today, down 1.32%. Shares are up 33.57% in one year. The stock’s trading range for the year is between $133.67 and $185.63.
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