Diamonds and Dogs
IBM (IBM) shining brightly on a down day. IBM is jumping 4% to a three month high following better than expected earnings. Earnings were able to surpass sales growth thanks to a shift towards higher-margin products and business segments it has dubbed "strategic imperatives" under the leadership of CEO Ginni Rometty and which now comprise around half of Big Blue's quarterly sales. Cloud computing sales rose 20% from the same quarter last year. The analyst community doesn't seem so convinced with cautious comments and four lower price targets.
Philip Morris (PM) up in smoke. The maker of Marlboro cigarette is down 4% following earnings. The company actually beat estimates, but lowered full year guidance due to lower International sales. Total cigarette and heated tobacco unit shipment volume is expected to decline 2% year over year. Philip Morris smoke-free electronic cigarettes have not been a hit particularly in Japan.