Three of the most important companies in the non-pure Internet tech world reported quarterly results this week and the numbers were uniformly surprising for entirely different reasons.
IBM (IBM) got the parade started with an atypical miss. By all accounts one of the most well-managed companies in the world, Big Blue came in slightly light with tepid guidance. The news disappointed investors who have come to expect nothing but upward stability from IBM. Don't cry for shareholders, even after yesterday's 5% decline because IBM is still up over 20% for the year.
In contrast to IBM, fellow Dow component Intel (INTC) issued the latest in a series of impressive reports. Intel has been baffling analysts for several quarters in a row by somehow outpacing the stagnation in their core market. Intel beat on every metric and issued strong guidance for Q4, triggering multiple upgrades across the Street. The stock was up more than 4% in early trading.
Of course this brings us to Apple (AAPL). The Tim Cook era began with Apple's first miss in seven years. The tech giant blamed weakness in iPhone sales on customers delaying purchases in anticipation of the next generation which was released after quarter's end. The numbers were disquieting in and of themselves, particular for those of us who considered a 31st straight beat fait accompli. Beats happen; I can stand the heat which is why I live in the kitchen.Read More »from Apple, IBM, Intel and Why Tech Isn’t Sexy Anymore