On Friday, Shares of International Business Machines Corp (NYSE:IBM), inclined 0.19% to $150.35.
In the last trading session, the stock moved on high volume, trading at a volume of 3.48M shares as compared to its average daily volume of 3.76M shares.
The stock, as of recent close, has shown weekly downbeat performance of -1.31% which was maintained at 1.33% in 1-month period.
International Business Machines Corporation provides information technology (IT) products and services worldwide.
IBM said on Wednesday it would offer its cloud-computing platform Bluemix in China through a partnership with Chinese data-center services company 21Vianet Group Inc.
IBM has been more willing to strike closer partnerships with China’s government than many of its fellow U.S. tech companies, WSJ said on Friday, citing people familiar with the company’s strategy.
IBM said it is giving the Chinese government access to some software code, seeking to demonstrate the security of its products as the company tries to expand its business in the country, according to Bloomberg
Beijing won’t receive client data or “back doors” into the technology, International Business Machines Corp. said Friday in a statement. Technology providers counting Microsoft Corp. have reached similar agreements in China, IBM said. Microsoft established a program with China in 2003, giving the government access to some Windows source code.
“Strict procedures are in place within these technology demonstration centers to ensure that no software source code is released, copied or altered in any way,” IBM said. “Those are applied rigorously regardless of country.” Bloomberg added
U.S. tech companies have been facing raised pressure from Chinese authorities to accept rigorous security checks before their products may be purchased by China’s sprawling, state-run financial institutions.
IBM said such demonstrations were not unique to the company, pointing to Microsoft Corp’s program to provide governments with controlled access to Microsoft Windows source code. Microsoft signed one such Government Security Program (GSP) with China in 2003. Reuters Report
The stock closed its last trade at $150.35. The market capitalization for the company is reported at $147.02B.
Looking at other metrics of the stock, we find that the mean estimate for the short-term price target for the firm stands at $157.32. The higher price target for IBM is $185.00, while the lower price target is $125.00. In the past 52 weeks, the company shares have decline -19.14% and marked new high $176.30 on May 4, 2015.
International Business Machines Corporation provides information technology (IT) products and services worldwide. The company’s Global Technology Services segment provides IT infrastructure and business process services, such as outsourcing, processing, integrated technology, cloud, and technology support.
