IBM revenue grows for second straight quarter, cheering investors
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IBM Corp. provided the best evidence yet today that it’s back on a growth track, reporting second-quarter revenue rose 3% from a year ago.
Revenue of $18.75 billion was actually flat when adjusted for currency fluctuations and divested businesses, but it was still well ahead of analysts’ estimates of $18.29 billion.
Adjusted earnings rose 7% from a year ago, to $2.33 a share, slightly better than analysts’ estimates of $2.31 a share. It was IBM’s second straight quarter of revenue growth, something that has been in short supply for the computing giant lately. Prior to the first quarter, IBM had reported declining revenue for four quarters in a row and 30 of the past 34 quarters.
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VMware picks longtime executive Raghuram as new CEO
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VMware Inc. today chose a longtime insider to lead the company through a major product line makeover and an impending spinoff from parent Dell Technologies Inc.
Raghu Raghuram, 58, is currently executive vice president and chief operating officer of products and cloud services. He will take over as chief executive on June 1 following the departure of former CEO Pat Gelsinger in January for the top at Intel Corp. after more than eight years leading VMware. Raghuram was appointed after some external candidates turned down the job, Yahoo! Finance reported.
An 18-year veteran of the company, Raghuram helped grow the core virtualization business in VMware’s early days, headed its software-defined data center strategy and architected its cloud computing business. He has also been instrumental in VMware’s large successful acquisitions strategy, the company said. Still, he was seen by some observer
James Langton
Securities regulators have long targeted “pump-and-dump” schemes that aim to drive up stock prices with baseless hype. Now, regulators are going after so-called “short-and-distort” campaigns, in which short-sellers badmouth companies in an effort to drive down stock prices.
Certain Bay Street factions have long complained about the role of short-sellers in the Canadian market. More recently, there have been concerns about the threat of activist short-sellers traders who don’t just quietly bet against companies they see as overvalued, but broadcast their views to the rest of the market.
Critics complain that activist short-sellers can make baseless allegations against a company in order to drive down its stock price and lock in an easy profit. Defenders of the practice argue these gadflies can help expose corporate misconduct and serve as an important check on the overwhelmingly positive bias in mainstream analyst coverage.