Our point is that, like other cyclical businesses, this overcapacity has to get worked out.

We're not at the same place as the county. Our system has not matured to the point theirs has.

I don't think this is a total shock, given what their competitors have done.

I’m suffering from “Hyper-analytical Social Media Posting Disorder”, characterized by a compulsion to edit 5 minutes after posting a comment, augmented by a repeating pattern: (((Tremors))) — fix-it — relief!!!

Will this comment survive? :)

We still see IBM attractively valued at a 13 percent discount to S&P multiple.

While the stock could remain under pressure near term, we maintain our 'buy' rating on IBM owing to a compelling second-half story.