IBM gets away with a fast one...
After reading through some of the press releases yesterday I find it hard to believe that IBM can exclude a division of business that is losing money for them.
I don't care that they have a deal to sell it to Hitachi, it's still theirs!!
Or isn't it!!
Here's a line stating that they already sold it, "Excluding the results from its hard disk-drive unit, which IBM has sold, the company earned $1.69 billion, or 99 cents a share, compared with $1.71 billion, or 97 cents a share. Revenue was $19.82 billion, roughly equal with $19.78 billion last year"
Link...
biz.yahoo.com
Here's a line stating that they didn't sell it yet, "Excluding those disk drive assets, which it plans to sell to Hitachi Ltd. (Tokyo:6501.T - News) by year end, the computer services, hardware and software company said that its earnings per share rose slightly as it cut costs"
Link...
biz.yahoo.com
Now, I bet when they sell that money losing division and collect some cold hard cash from Hitachi that they'll "Book" that money as revenue for the 4th qtr.
This report was nothing more than "Papier-mâché" crinkled up and colorful to put a smile on everyone’s face.
And to top it off, the disk drive sector soared today...LMAO!!!
Link...
stockcharts.com
Good Luck folks, it's your money...
EOM
Shoreco |
