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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Paul Kern	10/8/2008 7:04:40 PM
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FWIW SAN FRANCISCO (AP) — IBM Corp. announced its third-quarter results earlier than expected Wednesday, and the company beat Wall Street's profit estimate and reaffirmed its full-year 2008 guidance. The stock, a component of the Dow Jones industrial average, gained nearly 4 percent in after-hours trading on the news. The Armonk, N.Y.-based company said after the market closed that it earned $2.05 per share in the July-September period, four pennies higher than the average estimate of analysts polled by Thomson Reuters. Net income for the period was $2.8 billion, an increase of 20 percent over the same period last year. Sales increased 5 percent to $25.3 billion but fell short of Wall Street's expectations. Excluding the effects of currency fluctuations, IBM's sales increased 2 percent. Analysts were expecting sales of $26.5 billion, but some had started to lower their forecasts ahead of the unexpected announcement Wednesday because of a strengthening U.S. dollar and the deteriorating economy. IBM maintained its forecast of at least $8.75 per share in profit in 2008, a 22 percent improvement over last year. IBM shares gained $3.46, 3.8 percent, to $94.01 in after-hours trading. They closed down $5.10, 5.3 percent, at $90.55 during the regular trading session.

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