They just can't get going on all eight cylinders. It's always something that just doesn't seem to click.

While IBM has clearly had several disappointing quarters, we believe that services, Freeway, storage and microelectronics offer promising opportunities.

Based on IBM's overall strong market position in services, software and components, and the outlook for more favorable growth, we believe the shares deserve at least a market multiple and possibly a slight premium.

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Everything just seemed to click here.

It just seems to click for me.