IBM - International Business Machines Corporation

NYSE - NYSE Delayed price. Currency in USD
+0.21 (+0.15%)
At close: 4:01PM EDT

143.73 +0.20 (0.14%)
After hours: 7:04PM EDT

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Previous close143.32
Bid143.35 x 900
Ask143.74 x 800
Day's range143.02 - 144.04
52-week range105.94 - 154.36
Avg. volume3,397,383
Market cap127.26B
Beta (3Y monthly)1.55
PE ratio (TTM)15.10
Earnings dateN/A
Forward dividend & yield6.48 (4.52%)
Ex-dividend date2019-05-09
1y target estN/A
Trade prices are not sourced from all markets
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  • Oracle Loses Challenge to $10 Billion Pentagon Cloud Contract
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    (Bloomberg) -- Oracle Corp. lost its legal challenge to the Pentagon’s $10 billion cloud contract on Friday, clearing the way for the government to award the contract to Inc. or Microsoft Corp.Federal Claims Court Senior Judge Eric Bruggink dismissed the company’s argument that the contract violates federal procurement laws and is unfairly tainted by conflicts of interests. Bruggink said that because Oracle didn’t meet the criteria for the bid, it “cannot demonstrate prejudice as a result of other possible errors in the procurement process.”The decision is a major blow to Oracle, which risks losing a share of its federal defense business if the Pentagon awards the contract to another cloud company. The ruling eliminates a headache for the Pentagon, which has been fending off challenges to its winner-take-all strategy in the cloud contract for more than a year.“Oracle will likely be most threatened by this” decision, said Bloomberg Intelligence Analyst James Bach. “They stand to lose the most ground in the Defense market if the DOD decides JEDI is the end-all be-all.”Oracle looks forward to “working with the Department of Defense, the Intelligence Community, and other public sector agencies to deploy modern, secure hyperscale cloud solutions that meet their needs,” company spokeswoman Deborah Hellinger said in a statement. She didn’t comment on whether the company plans to appeal the decision.Elissa Smith, a Defense Department spokeswoman, said in a statement that the ruling “reaffirms the DOD’s position: the JEDI Cloud procurement process has been conducted as a fair, full and open competition, which the contracting officer and her team executed in compliance with the law.”Amazon Web Services, which was also a defendant in the case, said in a statement that the company “stands ready to support and serve what’s most important – the DoD’s mission of protecting the security of our country.”JEDI ProjectThe project, known as Joint Enterprise Defense Infrastructure cloud -- or JEDI, an acronym intended to evoke “Star Wars” imagery -- is intended to be the Defense Department’s general-purpose cloud for most of its systems and applications.The Pentagon is investing in commercial cloud services, in which computing power and storage are hosted in remote data centers, to consolidate its existing technology products, embrace artificial intelligence and machine learning, and enhance its technical capabilities on the battlefield.Vying for the contract became contentious as legacy tech companies such as Oracle and International Business Machines Corp. waged a fierce lobbying and legal campaign against the Pentagon’s decision to choose just one provider. Although they are long-time government contractors, those companies were late entrants to the cloud computing market and eyed market leader Amazon as a threat to their traditional revenue streams from the Defense Department.In April, the Pentagon eliminated Oracle and IBM from the competition, leaving Amazon and Microsoft as the final contenders. Dana Deasy, the Pentagon’s chief information officer, has said the Defense Department expects to make an award in August.Amazon Web Services was widely seen as the front-runner for the contest because it had already won a $600 million contract from the Central Intelligence Agency that helped it obtain much-needed security approvals. Microsoft is catching up to Amazon through its advancements in winning such clearances, as well as a recent cloud deal with the intelligence community and years of experience working with the Defense Department.Partial VindicationThe ruling is a partial vindication for Pentagon officials who have battled months of allegations that its procurement process was corrupt, including the circulation of a 33-page anti-Amazon dossier around Washington that suggested improper personal relationships had given Amazon an edge. The Defense Department has also faced pressure from lawmakers, who criticized the deal for lacking enough competition from industry.There are still potential hurdles for the Defense Department as it moves forward with the bid. Either Microsoft or Amazon could lodge a challenge of the contract with Government Accountability Office or in the Federal Claims Court if they were to lose. Oracle could also appeal the ruling in the Court of Appeals for the Federal Circuit.On Friday, Chris Lynch, the former director of the Defense Digital Service, which designed the project, praised his former team for their work on the project.“JEDI will immediately deliver much needed capabilities to the warfighter, deliver incredible capabilities that are built from the best tech, and it will change lives,” he tweeted. “Couldn’t be more proud.”Contested TermsOracle’s lawsuit, which was filed in December, alleged that the Pentagon’s minimum requirements for the contract as well as its decision to pick just one winner violated federal procurement laws designed to ensure competition. The government has said choosing one winner would reduce security risks and better enable it to consolidate its technology products.The suit also claimed that the procurement has been marred by conflicts of interest, including ties between former Defense Department officials and Amazon. At least two of the former employees were offered jobs at the company while working on the contract, according to the lawsuit.The Pentagon determined in its internal review that the relationships had no adverse impact on the integrity of the acquisition process but said the department’s inspector general was looking into potential unethical conduct. Bruggink said in his ruling that the Defense Department’s determination on the allegations was not “arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law.”(Updates with Pentagon comment in sixth paragraph.)\--With assistance from Nico Grant.To contact the reporter on this story: Naomi Nix in Washington at nnix1@bloomberg.netTo contact the editors responsible for this story: Sara Forden at, Larry LiebertFor more articles like this, please visit us at©2019 Bloomberg L.P.

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  • Tropical Storm Races Toward Louisiana, Curbing Oil Output
    Bloomberg4 days ago

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    (Bloomberg) -- Tropical Storm Barry is barreling toward Louisiana and could hit the coastline as a hurricane by Saturday, causing close to $1 billion in damage and worsening flooding in New Orleans.The system, which was about 90 miles (145 kilometers) south of the Mississippi River’s mouth as of 8 p.m. New York time, has already curbed about half the energy output in the Gulf of Mexico and helped lift oil prices to a seven-week high. It’s also prompted Louisiana Governor John Bel Edwards to declare a state of emergency, while hurricane and tropical storm warnings and watches are in place along the state’s coastline.“It is a heck of a water event once again,” Bob Henson, a meteorologist with Weather Underground, an IBM company, said by phone. “We keep hammering that water is a big threat and here we are again. Barry may or may not become a hurricane, but it will be a rain event and there could be surge problems.”The storm -- with current top winds of 45 miles an hour -- may drop as much as 25 inches of rain in some places, according to an advisory from the U.S. National Hurricane Center. Ship traffic was disrupted in the Mississippi River, where water levels are rising. Companies have cut 53% of oil and 45% of natural gas output in the Gulf.While New Orleans -- where an emergency was declared Wednesday -- won’t have a mandatory evacuation, residents should be prepared to shelter in place because the slow moving storm could bring heavy rain for 48 hours, Mayor LaToya Cantrell said at a press conference. The Mississippi is now forecast to crest at 19 feet, according to the National Weather Service. That should keep the river below the tops of levees in the city, according to Cantrell.Louisiana is already under pressure from floods after the months of rain that have set records across the U.S. and prevented U.S. farm fields from being planted. The Mississippi River in the state has been at flood stage since January and, for the first time since Bonnet Carre spillway was completed in 1937, the Army Corps of Engineers has had to open it twice in the same year to help prevent flooding in New Orleans and take pressure off levees.For a map showing assets in the storm’s path, click hereU.S. benchmark West Texas Intermediate crude traded above $60 a barrel on Friday, while natural gas futures reached the highest level in almost six weeks on Wednesday.Gulf of Mexico operators have shut-in 1.01 million barrels a day of oil production because of the storm, the Bureau of Safety and Environmental Enforcement said in a notice. Almost 1.24 billion cubic feet a day of natural gas production is also closed.The Gulf offshore region accounts for 16% of U.S. crude oil output and less than 3% of dry natural gas, according to the Energy Information Administration. More than 45% of U.S. refining capacity and 51% of gas processing is along the Gulf coast.While the offshore platforms could return to normal operations in a few days, there is a chance widespread flooding could close some refineries and make it difficult for ships to make deliveries across the region, Jim Rouiller, chief meteorologist at the Energy Weather Group near Philadelphia, said by telephone.“The first impact is to the rigs and platforms, then the second risk shows up on Friday and Saturday to the refinery areas,” Rouiller said. “The thing that is going to be really worrisome is the amount of flooding rains across Louisiana. I think the worst is yet to come.”Based on its current track, the storm will likely cause about $800 million to $900 million in damage, said Chuck Watson, a disaster modeler with Enki Research in Savannah, Georgia. That could balloon to $3.2 billion if floods overwhelm New Orleans, he said.A spokesman for the Army Corps of Engineers doesn’t believe levees will be topped by flood waters. The barriers on the lower Mississippi have been inspected daily since November when flooding became an issue.Shipping is grinding to a halt along the southern reaches of the Mississippi River as deteriorating weather conditions made it unsafe for river pilots to board and steer cargo ships. The heavy rains could hurt cotton crops in southern portions of the Mississippi Delta, said Don Keeney, a meteorologist with Maxar in Gaithersburg, Maryland. Kyle McCann, assistant to the president of the Louisiana Farm Bureau, said there hasn’t been any damage to crops in the state yet, but expects a substantial impact in coming days.Thunderstorms have already flooded New Orleans streets and the National Weather Service has issued a flash flood watch from southern Louisiana to the Florida panhandle. City pumps had trouble keeping up with the water, which is a “bad sign,” said Enki Research’s Watson.(Updates with new details throughout.)\--With assistance from Shruti Date Singh, Mike Jeffers, David Marino, Jeffrey Bair, Denitsa Tsekova and Sharon Cho.To contact the reporter on this story: Brian K. Sullivan in Boston at bsullivan10@bloomberg.netTo contact the editors responsible for this story: Tina Davis at, Pratish NarayananFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • U.S. Tech Firms Cozy Up to China Despite Trade Turmoil
    Bloomberg4 days ago

    U.S. Tech Firms Cozy Up to China Despite Trade Turmoil

    (Bloomberg) -- In a packed ballroom in Beijing’s national convention center, the executive from a major technology company laid out ambitious plans for the future of artificial intelligence in China. He explained how customized semiconductors would help power everything from autonomous cars to voice-activated industrial machines.Only this wasn’t a state-backed enterprise. This was Intel Corp., the largest U.S. chipmaker.The company’s AI chief, Naveen Rao, pledged to work closely, “engineer to engineer," on cutting-edge technology with the 7,000 people that attended Baidu Inc.’s annual developers conference last week. Intel was the top sponsor of the event.Rao made no mention of politics, though his overwhelming support of Baidu, a Chinese national tech champion, sent a powerful message: Even as U.S. and Chinese leaders are locked in a fierce battle over technological supremacy, companies like Intel remain big backers of China’s tech industry because they rely on the country for significant contributions of revenue, production chains and even talent.Intel made 27% of its revenue in China last year, more than in the U.S. or any other market, but it’s fighting to hold on to customers there that it spent decades cultivating. Like many American multinationals with large businesses in the country, Intel is walking a fine line between holding on to that lucrative market and keeping in Washington’s good graces. Neutrality is becoming a tougher stance to maintain."There’s been a psychotic break” in what some leaders in the U.S. government want and what American businesses want, said Josh Dorfman, founder of One Thousand Million, a China-focused consultancy and think tank based in Dallas. "Unlike in China, U.S. companies aren’t beholden to the country and are not obligated in any way, shape, or form to be patriotic. They want to make money."An Intel spokesman said the company remains engaged with Chinese customers that aren’t on the U.S.’s list of those it sees as a security threat. China is a substantial market for Intel and it has no intention of pulling out now.Intel isn’t alone. Apple Inc. is heavily dependent on China not only for the manufacture of Mac computers and iPhones but it’s also a major consumer market, accounting for about 20% of sales. Even as U.S. President Donald Trump threatened tariffs that would hit Apple products, the California-based company was making plans to shift production of its new Mac Pro computer to China, sending a clear signal of support.While some companies are considering moving part of their production out of the country, many others are making gestures of goodwill. Walmart Inc. last week pledged to invest $1.2 billion in China to upgrade logistics distribution centers. Boeing Co. is in negotiations to sell 100 jetliners to Chinese airlines in one of its largest-ever deals, Bloomberg News reported. And last month, 600 U.S. companies and trade groups signed a letter to Trump warning of tariff-related hits to their businesses.IBM’s Greater China group chairman Liming Chen said that the escalation of China-U.S. trade frictions has created a "confusing environment" for businesses. He outlined International Business Machine Corp.’s long relationship with China, dating back to its products first entering the country in the 1920s, and formally establishing a Shanghai office in 1936."IBM has participated in the rapid development of China over the past 40 years, while China has also nourished IBM," he wrote in a post on WeChat in June, calling the country an "indispensable part of our global strategy map."The U.S.-China trade war is anchored in competition to dominate the next generation of wireless networks and other technologies as much as politics. The Trump administration worries that American companies in search of profits could actually help China’s tech industry eclipse U.S. prowess in sensitive areas like artificial intelligence and machine learning.The chairman of the U.S. Joint Chiefs of Staff, Joseph Dunford, lambasted Alphabet Inc. in March for Google’s AI work in China, which he alleged "indirectly benefits the Chinese military." Trump repeated the critique in a subsequent tweet, questioning the Google parent’s loyalties. Google has said it doesn’t work with China’s military.The same nationalistic fervor is partly behind the Commerce Department’s May prohibition on selling American components to Chinese telecom behemoth Huawei Technologies Co. Despite Trump’s recent pledge to ease restrictions, Huawei remains on America’s so-called entities list and U.S. firms must apply for special licenses to sell parts to the company.That hasn’t stopped chipmaker Micron Technology Inc. from feverishly trying to find ways to keep supplying the company, one of its largest customers. The U.S. semiconductor industry also lobbied the Trump administration to loosen restrictions on Huawei.Still, American tech companies are facing a new global reality. They may no longer be able to overlook geopolitics in favor of profits. China may not be the growth savior it once was.Tech companies "must now live in a world where their Chinese business partners and global value chains at any given day could blow up," said James Lewis, director of the tech and public policy program at the Center for Strategic and International Studies, a Washington think-tank. “Trump might have backed off Huawei for now but next week it could be something different and any of these companies are fair game.”Lewis, who previously served as the U.S. Commerce Department’s lead for national security and espionage concerns related to high-technology trade with China, said Chinese firms are also racing to become less reliant on the very American firms bending over backwards to keep their business.Splitting the two economies won’t be easy. Research, development, manufacturing and talent in the U.S. and China are still very much interconnected."Innovation by American companies is fueled by access to the Chinese market," said Samm Sacks, cybersecurity policy and China digital economy fellow at think tank New America, in Congressional testimony in May.For Intel’s AI chief, collaboration with China helps the company to build better products and bring new technology to market fast.“I’m proud of the strong and growing partnership between Intel and Baidu,” Intel’s Rao said in Beijing, after greeting developers with a hearty “nihao.” “By working together to advance AI, Baidu and Intel are helping to usher in a world where AI is ubiquitous.”\--With assistance from Gao Yuan.To contact the reporters on this story: Shelly Banjo in Hong Kong at;Zheping Huang in Hong Kong at;Ian King in San Francisco at ianking@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at, Molly SchuetzFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • Reuters - UK Focus5 days ago

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