IBM Starting To Look Attractive

8/1/17

A few weeks ago, I discussed my disappointment with technology giant IBM Corp. (NYSE:IBM) regarding its second-quarter results. The top line miss was concerning, and the bottom line beat was largely driven by a tax item. However, given that the stock has fallen about $10 since then, my view of the stock is now turning towards the positive.

The first thing I'm liking at the moment is the weaker dollar. As seen in the chart below, the euro-heavy dollar currency index has declined quite a bit in recent weeks, and currencies like the yen are also strengthening. Since the dollar surged after Trump's win last November, IBM's results will look a lot better in the back half of the year and into 2018, even if the dollar strengthens a little from here.

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