imho, its temporarily out of favor with institutions. A small runup occurred when announcements came and that squeezed every ounce of gains that it could make. It'll stay dorment for a while until the tech and computer services cycle resurfaces.
IBM moves with the market.(Some my think the market moves with IBM) Gains occur at major announcements. The last time at the 4Q stats. The next will be at 1Q stats or when a dividend increase or stock split is announced. After that it will again follow the markets.