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Strategies & Market Trends : Galapagos Islands

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To: Jorj X Mckie who started this subject	10/17/2002 12:03:04 AM
From: stomper	Read Replies (1) of 57110

IBM story: the spin has been extremely misleading again! IBM's Net Declines 18% As Revenue Remains Flat By WILLIAM M. BULKELEY Staff Reporter of THE WALL STREET JOURNAL International Business Machines Corp. reported an 18% drop in third-quarter net income, including losses at the hard-disk-drive business it plans to sell. But cost-cutting and strong results in its services business enabled Big Blue to report profit from continuing operations that topped expectations. The No. 1 information-technology company also said revenue was essentially unchanged from a weak year-earlier period, ending a five-quarter string of year-to-year declines. Net income fell to $1.31 billion, or 76 cents a share, from $1.6 billion, or 90 cents a share. The latest quarterly results include a loss from discontinued operations of $381 million, reflecting the Armonk, N.Y., company's agreement to sell its money-losing hard-disk-drive business to a new joint-venture company it has formed with Hitachi Ltd. That sale, announced in May, is expected to be completed by year end. The losses were more than triple the $118 million loss from discontinued operations the year before

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