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A SPECIAL ANNEX NEWSFLASH
A News Report from the IBM Annual Meeting
Additional Stock Buybacks Authorized
Also, a "Poughkeepsie Journal" Story That Is Setting Off All Sorts of Bells Ringing
PHOENIX, Apr. 30 - the IBM Board approved another $3.5 billion for stock buybacks at the IBM Annual Meeting this morning. No surprise there, although some investors were hoping that Sam Palmisano would turn a new leaf. "I am not sure that Sam has it in him to make the radical changes that are necessary," we wrote to one of them before the IBM meeting.
This assessment echoed what we said in an Annex Bulletin back in January, when Lou Gerstner announced he was leaving:
For the full Annex Bulletin, click here.
Separately, thought you may be interested in the following excerpt from a Poughkeepsie Journal story about our five-year IBM forecast:
To read the full Poughkeepsie Journal story, click here.
The above story seems to be setting off all sorts of bells ringing in the New York area. The producer of the longest-running financial radio talk show in the country has just invited yours truly to be the guest after receiving many calls from listeners who had read the Poughkeepsie Journal story.
For additional media articles on IBM and other topics, click here.
Happy bargain hunting!
[Also check out… “Tough Times, Soft Deals,” (Apr. 25, 2002), Industry Stratification Trend (Mar. 30, 1990), “Gerstner’s Legacy: Good Manager, Poor Entrepreneur” (Jan. 2002), IBM 5-year Forecast 2001: An Unenviable Legacy (June 2001), "Big Blue Starting to Unravel," (Apr. 8, 2002), SEC Launches Formal Probe of Wall Street Research (Apr. 25, 2002), “SEC to Tighten Stock Option Rules” (Apr. 5, 2002), "Sir Lou OutLayed Lay!" (Apr. 1, 2002), "IBM Pension Fund Vapors," (Mar. 23, 2002), Is IBM Cheating on Taxes, Annex Bulletin 99-17 (May 1999), Fortune on IBM (June 15, 2000), “Smoke and Mirrors Galore,” July 2000), Annex Bulletin 98-14 ("Wag the Big Blue Dog"), Armonk's Fudge Factory (Apr. 9, 1999), Where Armonk Meets Wall Street, Greed Breeds Incest (November 1998), Stock Buybacks Questioned: Is IBM Mortgaging Its Future Again?, 97-18 (4/29/97), "Some Insiders Cashed In On IBM Stock's Rise, Buybacks" 97-22, 7/27/97, Djurdjevic’s Forbes column, "Is Big Blue Back?," 6/10/97; “Executive Suite: How Sweet!,” (July 1997), "Gerstner: Best Years Are Behind", Aug. 10, 1999), "IBM's Best Years Are 3-4 Decades Behind Us" (July 1999), "Lou's Lair vs. Bill's Loft" (June 1999), "Corporate Cabbage Patch Dolls," 98-39, 10/31/98; Djurdjevic’s Chronicles magazine October 1998 column, "Wall Street Boom; Main Street Doom", “Louis XIX of Armonk,” (Aug. 1996) etc.].
Volume XVIII, Annex Newsflash No.
Editor: Bob Djurdjevic
P.O. Box 97100, Phoenix, Arizona
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