Big Blue Wields the Knife Again

To wrest profits from its ailing IT-services business, IBM is slashing its North American workforce and finding efficiencies overseas

On the surface, IBM seems to be cruising. Its stock is trading near a six-year high, at almost $106, and its overall financial performance has been improving steadily for more than a year. On May 29, the company raised this year's per-share earnings forecast after stepping up a stock repurchase plan.

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