International Business Machines (IBM) NewsBite - IBM Rises on Gartner's Report

Posted on Friday, August 22, 2008 2:35 PM

International Business Machines (NYSE: IBM) opened at $123.30. So far today, the stock has hit a low of $122.80 and a high of $125.24. IBM is now trading at $124.77, up $1.78 (1.45%). The stock hit its 52-Week high of $130.93 in July and set its 52-Week low of $97.04 in January. Research firm Gartner reported today that worldwide sales of computer servers rose 5.7% to $13.8 billion in the second quarter and IBM extended its market share lead to 31.2% in terms of revenues. Technical indicators for the stock are bullish and S&P gives IBM a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on IBM the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 105 range. [ABR-Seven Summits Strategic Investments NewsBite]

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