Jim, Greetings from Bulgaria,
I have an uncertain Internet connection now so I have to get off soon, however, you should also look at IBM's;
--- tax rate down 3.4 %,
--- long and short term debt up,
--- R & D flat,
--- cash and other investments down (where is that "cash cow" that IBM is supposed to be),
--- shareholders equity down,
--- total assets down, and
--- Gross Profit Margins GPM down.
After you have calculated the effect of the stock buy back, the lower tax rate 30.1% and IBM keeping R& D flat, instead of growing, see what the earnings comparison would be with last year's Q2 earnings.
Best Regards to all,
Jules |
