Has IBM Stock Hit Bottom?
IBM’s stock has struggled since last week when the technology company reported revenues that fell slightly short of Wall Street expectations. On Tuesday, IBM announced what Jim Cramer considered “the ultimate bullish tell,” though: plans to boost its dividend by 13 percent and add another $7 billion to its stock buyback program.
“To me, as someone who analyzes stocks based on the fundamentals of the underlying company , this kind of dividend raise makes for a fabulous bottom call,” Cramer said, adding that he thinks it’s peculiar the stock closed with a gain of less than 1 percent.
To look for “tradable” bottoms, Cramer sought the help of Carolyn Boroden. As a highly regarded technician on Wall Street, she has a method of figuring out when a pullback is buyable. It seems IBM is a buy right now, too.
Watch the video to see what the charts say about IBM, among other stocks.
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