Movers: IBM, GM, Northern Trust, AMR, Google

IBM (IBM) posts $3.28, vs. $2.80 a year ago, fourth quarter EPS from continuing operations as widened gross margin, lower tax rate offset 6% revenue decline (-1% adjusting for currency). The Street was looking for fourth quarter EPS of $3.03. Sees 2009 EPS of at least $9.20. S&P reiterates strong buy. Bernstein raises estimate, rates outperform.

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