Wednesday’s Morning trade News Update: International Business Machines Corp (NYSE:IBM)

September 28, 2020 Travis Garlick NYSE Stocks, Uncategorized Comments Off

During Wednesday’s Morning trade, Shares of International Business Machines Corp (NYSE:IBM), gained 1.48% to $139.90. The firm opened its current trade at $137.92, and as of now, it is trading at $139.90. The total volume traded for the day is 1.43M shares, as compared to its average daily volume of 4.97M shares. The stock is floating in a range of $137.50 $140.30. The stocks hold the market capitalization of $137.01B.

Today, IBM (NYSE: IBM) declared that it has reached a definitive agreement to acquire The Weather Companys B2B, mobile and cloud-based web properties, counting WSI, weather.com, Weather Underground and The Weather Company brand. The TV segment – The Weather Channel – will not be attained by IBM, but will license weather forecast data and analytics from IBM under a long-term contract. The combination of technology and expertise from the two companies will serve as the foundation for the new Watson IoT Unit and Watson IoT Cloud platform, building on a $3B commitment made by IBM in March 2015 to invest in related offerings and services.

The planned acquisition would bring together IBMs powerful cognitive and analytics platform and The Weather Companys dynamic cloud data platform, which powers the fourth most-used mobile app daily in the United States and handles 26 billion inquiries to its cloud-based services each day. The deal would extend the reach of IBMs cloud data services capabilities and expand The Weather Companys business capabilities and consumer reach on a global scale. The Weather Companys cloud-based data platform will allow IBM to collect an even larger variety and higher velocity of global data sets, store them, analyze them and in turn distribute them and empower richer and deeper insights across the Watson platform.

The Weather Companys extremely high-volume data platform, coupled with IBMs global cloud and the advanced cognitive computing capabilities of Watson, will be unsurpassed in the Internet of Things, providing our clients noteworthycompetitive advantage as they link their business and sensor data with weather and other pertinent information in real time, said John Kelly, senior vice president, IBM Solutions Portfolio and Research. This powerful cloud platform will position IBM to arm entire industries with deep multimodal insights that will assist enterprises gain clarity and take action from the oceans of data being generated around them.

The Weather Company and IBM formed a planned alliance earlier this year to integrate real-time weather insights into business to improve operational performance and decision-making. Through the alliance, IBM licensed The Weather Companys cloud data platform and collaborated with The Weather Companys B2B division to deliver joint industry solutions, data services packages and APIs that enable businesses and developers to integrate real-time weather insights into business.

Upon closing, IBM will acquire The Weather Company product and technology assets that comprise the worlds leading meteorological data science experts, precision forecasting capabilities and a high-volume cloud platform that ingests, processes, analyzes and distributes enormous data sets at scale in real time. The companys sophisticated models analyze data from three billion weather forecast reference points, more than 40 million smartphones and 50,000 airplane flights per day, allowing it to offer a broad range of data-driven products and services to more than 5000 clients in the media, aviation, energy, insurance and government industries.

Short-Term Price Target Update: The mean estimate for the short-term price target for the firm stands at $149.17, according to 18 brokers. The higher price target for IBM is $170.00, while the lower price target is $125.00. In the past 52-weeks, the company shares have declined -14.52% and marked new low $137.33 on Oct 21, 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.

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