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More on IBM: Hardware was weak, division sales -17% Y/Y in Q1 (was -1% in Q4). On the CC...

More on IBM: Hardware was weak, division sales -17% Y/Y in Q1 (was -1% in Q4). On the CC (webcast), IBM partly blames a failure to close deals, while promising Q2 closings. System z (mainframes) +7% Y/Y, boosted by refresh. Power systems -32%. System x (reportedly on the block) -9%, storage -11%, chips -16%. Software was flat, also saw deal push-outs (Oracle can sympathize). Services -4% Y/Y, but backlog rose 1% Y/Y to $141B. Growth markets only +1% (+7% prior). Gross margin +100 bps to 46.7%. Weak yen hurt results. $2.6B in buybacks ($3B in Q4), lifting EPS. IBM -4.1% AH. (PR)
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