IBM Posts Underwhelming 3Q Results; Juggling Act Continues; Shares Modestly Undervalued
IBM posted an underwhelming third-quarter result with the firm continuing to perform its juggling act across higher growth strategic and low-to-declining nonstrategic business lines. While management was quick to highlight areas of growth and margin expansion, the firm’s ongoing challenge with legacy revenue streams was apparent and we were particularly surprised by the level of weakness in the firm’s cognitive solutions business. Within cognitive solutions, both solutions software and transacti...International Business Machines provides integrated solutions and products that utilize data, information technology, capability in industries and business processes. The company has five segments: Cloud and Cognitive Software, which provides a range of software offerings; Global Business Services, which provides consulting, systems integration, application management and business process outsourcing services; Global Technology Services, which provides project services, managed and outsourcing services, cloud-delivered services, and technical and IT support services; Systems, which provides technology and service; and Global Financing, which provides client financing, among others.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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