Pension deal bites into IBM profit
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The tech bellwether racks up a healthy rise in net income for the third quarter, despite taking a hit from a legal settlement.
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San Francisco - It is reported that IBM is to sell its personal computer business in a deal that could be worth up to $2 billion and would cap a gradual withdrawal from the business it helped to pioneer in 1981.
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IBM on Wednesday said it has settled  portions of an ongoing lawsuit related to its pension plan and  said the potential liability for the other claims that remain  on appeal is capped at $1.4 billion.
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International Business Machines Corp. reported a small gain in third-quarter profits Monday, as increasing revenues in almost every area of the business, including emerging markets such as Russia and China, helped offset expenses from a pension lawsuit.
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San Francisco, September 30: IBM on Wednesday said it will take a third-quarter charge of $320 million to settle all but two claims of an ongoing lawsuit claiming its pension plan discriminated against older workers, in exchange for capping its potential
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Second-quarter earnings at International Business Machines Corp. rose 12 percent and beat Wall Street forecasts Wednesday, largely on the strength of IBM's software division and improvement in its services unit.
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IBM (IBM) and the rest of the tech industry might have a better year than most onlookers expected. IBM&#39;s third-quarter earnings, released after US markets closed Monday, rose 15% from
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Computer giant IBM said its fourth-quarter profit rose 12.2 percent from a year ago to 2.7 billion dollars, topping most Wall Street forecasts.
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NEW YORK -- IBM said Friday it is in talks to settle a mammoth lawsuit alleging a pension plan adopted by the firm in the 1990s discriminated against 140,000 older workers.
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IBM Corp. said Wednesday it has agreed to pay $320 million in retirement benefits to settle part of a class-action lawsuit and another $1.
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Investor's Business Daily - 1 Halting a recent tech slide, Big Blue preannounced that profit rose 24% to $2.80 a share ex items, 20 cents above views. A weak dollar helped lift IBM's revenue   10% to $28.9 bil. But IBM was mum on U.S. results. Meanwhile, German software giant SAP   said Q4 sales rose 10%, beating views. IBM shares rose 5% and SAP 4%.
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IBM Corp. Chairman and CEO Samuel J. Palmisano collected compensation worth $18.8 million in 2006, a year in which the company posted record profits and enjoyed a rebound in the stock market.
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Legal action was taken against IBM concerning its conversion to a controversial cash-balance pension plan. Under the terms of the agreement, IBM will pay at least $300 million to settle certain claims in the complex lawsuit.
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IBM, in the latest turn in a  pension plan case that could reverberate through the Fortune  500, said on Friday it is in talks to resolve some of the  issues in a lawsuit that could cost Big Blue billions of  dollars.
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Shares of IBM  gained 4 percent on Tuesday after the world's largest computer company posted third-quarter results that marked a recovery from a weak second-quarter performance, Wall Street commentators said.
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IBM reported a better-than-expected 24  percent rise in preliminary quarterly earnings on Monday on  strong sales in overseas markets, driving its shares up 6  percent and spurring a broader tech rally.
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IBM reported a 6 percent increase in profit for its fiscal third quarter as a strong performance from its services business offset a slide in hardware revenue.