Beyond Y2K, IBM's hardware business, PCs and storage servers, it's not been acting well. They are not a leader in many of those product lines. I think they still have more work to do to get into the position where the entire company can then grow at double digits.
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We believe that the accounting seems to proper and the company reports that it has been reviewed and approved by its auditors.Steven Milunovich
Tepid company guidance makes us cautious in extrapolating.
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I think this Internet gold dust can be sprinkled around a bit.
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Although (IBM) CEO Gerstner said in May he has no concerns about services, we do. EDS, SCS, and Perot have each suffered recently. Contract signings appear solid, but the time between outsourcing order and implementation may be increasing in the mature U.S.
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At a price-earnings ratio about 85 percent of the market, IBM is not historically inexpensive. Revenue growth will need to hit double-digit for the stock to appreciate.
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Many corporations upgraded their PCs in preparation for Y2K, which boosted demand last year, ... If you figure on a three-year upgrade cycle, companies will not feel a need to upgrade in 2001. Corporate IT budgets are focused more on adapting to the Internet, which includes networking hardware, storage, and e-commerce software.
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