Good analysis BUT I hope the carrier is not as long as the narrowest part of the river is wide.and that it doesn't get caught on the cast iron chain links strung across the river. It may be too big to turn around. The HARDWARE chain across the Hudson is still an important part of the company. IBM has reinvented itself many times in the past and although obstacles exist they will do it again. It is taking time but once its completed its stock should once again lead the market.
IBM has always been a good imitator rather than a initiator. That includes the computer, graphics, PC. Being second in seems to have worked. It seems to know when to get out, such as the time recording, clocks, punched cards, printers etc. It has also missed opportunities such as Xerox. All in all not perfect but a good long term investment. ( Emphasis's on long term)