Congrats on your IBM Bingo:
Message #17834 from #Breeze at 1/24/2024 10:30:36 PM
IBM Wave Count Update. Wave (iii) is in play. In Sept, I projected a target of 181. But I think it gets exceeded. Current wave count is Wave iii of (iii). Target is 186.64. If true then its target will exceed 181.
tradingview.com
IBM to shut China R&D operations - report
Aug. 26, 2024 6:25 AM ET
International Business Machines Corporation (IBM) Stock
By: Preeti Singh, SA News Editor
IBM (NYSE:IBM) is shuttering its research and testing unit in China, a move that will affect over 1,000 jobs, local media firm Yicai reported, citing a company statement.
The company is closing the IBM China Development Lab and IBM China System Lab, Yicai said, two business lines that specialize in research & development and testing. Instead, it will focus on serving private Chinese companies and multinational corporations.
The China R&D functions are being moved to other overseas facilities, WSJ reported, citing employees who attended a virtual meeting on Monday morning. An IBM executive, Jack Hergenrother, told employees at the meeting that the company faced fierce competition in China with its infrastructure business declining over the past few years.
The decision comes as IBM (IBM) grapples with weak demand for its hardware and marks a significant turning point in the U.S. tech firm’s 40 years in China, which was once its most well-established regional market outside the U.S.
Back in 2021, the New York-based company had shut its closed its China Research Lab after more than two decades of operation.
Shares of IBM were down 0.83% premarket on Monday |
