IBM hits 52-week high after beating on earnings
International Business Machines Corp. topped 52-week highs in late trading Thursday after Big Blue beat earnings expectations. IBM reported net income of $4.5 billion, or $4.72 a share, on sales of $21.77 billion. After adjustments, IBM claimed profit of $5.01 a share. Analysts projected adjusted profit of $4.88 a share on sales of $21.63 billion, according to FactSet. IBM also projected better adjusted profit for 2017, saying it expected full-year profit to hit at least $13.80 a share, while analysts projected $13.74, according to FactSet. IBM, which declared a revenue decline for the 19th consecutive quarter, saw shares jump to more than $170 in late trading, topping the $169.95 intraday high of the past year.
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