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IBM (NYSE: IBM) has shed its image as a hardware company and is now an integrated services company.
Chart Courtesy of StockCharts.com
To be sure, this is not a new concept since Big Blue started down this road many years ago. It's just interesting that it recently shocked Wall Street with better than expected earnings and a better than expected future outlook.
The stock, which is one of our Fallen Angels, has broken out, and has the potential to move to the 140 area in the next few weeks to months if the market's general trend remains favorable.
The results were pushed higher by IBM's global businesses, especially software and consulting. Interestingly, the company has recently bought Diligent Technologies, a storage company.
Under the hood, IBM is selling at 16 times earnings, while growing its growth margins and delivering a nifty 37% return on equity.
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