Solid IBM allays Wall Street blues

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The Independent Online
International Business Machines Corporation yesterday reported solid second-quarter earnings, saying its results showed continuing strength in its broad product portfolio, despite declines in some hardware lines. IBM reported net income of $1.4bn (pounds 848m), or $1.46 a share, compared with $1.3bn or $1.26 last year, adjusted for a two-for-one stock split.

Nervousness ahead of IBM's results, announced after markets had closed, contributed to a volatile day on Wall Street where the Dow Jones Industrial Average ended up 16.26 points at 7,906.7 after rebounding from a decline of more than 50 points in early trading.