Why Is IBM Down After the Bell?
After the close, IBM reported earnings and revenues well above expectations ($2.41 vs. $2.29 consensus). In fact, it was the best first quarter of constant currency growth in 10 years.
So why is the stock trading down after hours? Traders tell me that software revenues were a bit light at $5.31 billion, but more importantly signings were down 14 percent year-over-year, and down 18 percent in constant currency.
Surprise! Intel up 5 percent after hours as they SHOCK the trading community by reporting earnings (non-GAAP) of $0.59, above consensus of $0.46...
Speaking of cloud computing: An aspirant in this field is pricing its IPO on the Nasdaq tomorrow. 21Vianet (check the ticker when live: ) is scheduled to price 11.5 million shares at $10-$12 Wednesday night for trading Thursday.
They are a data services provider; they host servers for individual companies. But more importantly, they are looking to become a powerhouse in cloud computing in China. Early word is that it is 10 times oversubscribed.
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