Do these guys sound like they are sellers???
INSTANT VIEW/IBM results top estimates
Reuters Story - April 21, 1999 16:39
NEW YORK, April 21 (Reuters) - International Business Machines Corp. reported first quarter
earnings of $1.55 a share, 10 percent higher than the $1.41 a share estimate published by research
tracking firm First Call.
Following are reactions from Wall Street analysts.
PHIL ORLANDO, CHIEF INVESTMENT OFFICER, VALUE LINE ASSET
MANAGEMENT:
"My initial feel is this is a solid, solid quarter. The slight decline in gross margins was a modest
disappointment but the bottom line is the bottom line and they beat the number there by fourteen
cents."
ARTHUR HOGAN, CHIEF MARKETS ANALYST AT JEFFERIES & CO.
"It's clearly a blowout on the printed estimate (and) beat even the whisper amount of $1.51 to
$1.53. It's clearly good news for the market and IBM. They have always been a market leader and
have seen a lot of selling in the last two weeks, but this could help turn it around."
ALAN SKRAINKA, CHIEF MARKET STRATEGIST AT EDWARD JONES.
"It's very encouraging news for the technology sector. Obviously, what has been happening on
earnings, like with Microsoft Corp. is that you have to look for the guidance, but on the face of it, it
looks good."
WILLIAM MILTON, COMPUTER INDUSTRY ANALYST, BROWN BROTHERS
HARRIMAN
"The blowout was on the revenue line and it was hardware that did it."
IBM was halted for trading after closing at 171-7/8, up 2-1/8 on the session. The company was
scheduled to begin a conference call with analysts shortly after reporting earnings. |
