International Business Machines Corp. shares rose for a 7th straight day Friday in the longest streak in more than 2 years, spurred by analysts’ predictions of wider profit margins. IBM based in Armonk, New York, added 23 cents to $122.11 at 4 p.m. in New York Stock Exchange composite trading. The shares, up 45% this year, last had a 7-day rising streak in May 2007. IBM, the world’s largest provider of computer services, increased its profit margins in July for the 7th straight Q. The company has focused on more-profitable software and services, rather than hardware, and shifted jobs to lower-cost regions. Wall Street has underestimated IBM’s earnings this year because it hasn’t taken the company’s profit margins and dependable revenue sources into account, Rob Cihra, an analyst at Caris & Co. in New York, said in report today. Read more
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