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IBM's critics say the last thing the company should be doing is buying back its stock. But the company has at least one prominent backer on its side: fund manager Bill Miller.
The Legg Mason legend took to Twitter Monday to defend IBM in the face of criticism from another investing heavyweight, Stanley Druckenmiller.
Druckenmiller, in a "Closing Bell" interview, said he thought IBM was facing a secular problem rather than a cyclical one.
"And if you think a company has a secular problem, particularly with sales being lower than they were six years ago when the economy was much worse, the last thing they should be doing is buying back stock, " he said.
IBM shares rose 0.6 percent to $161.46 in early trade Tuesday. The stock was the worst performer in the Dow Jones industrial average in each of the last two years.