Robert Cyran moved from the London office to New York, where he covers global technology, pharmaceuticals and special situations. Rob began his career at Forbes magazine, where he assisted in the start-up of the international version of the magazine. Before working at breakingviews he worked as a market researcher and reporter covering the pharmaceutical industry. Robert has a Masters degree in economics from Birmingham University and an undergraduate degree from George Washington University. Follow Rob on Twitter @rob_cyran
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For two decades, Big Blue’s profit increased faster than revenue through buybacks, cost cuts, and M&A deals. But eight quarters of declining sales mean earnings and free cash flow are now ebbing away. IBM, already reborn in the 1990s, needs a new turnaround plan – and fast.
The company’s stagnant U.S. business plays second fiddle to its overseas holdings. Yahoo’s 24 pct stake in Alibaba accounts for almost 60 pct of its market value. The Chinese internet giant’s upcoming IPO strips investors of their biggest reason to follow the stock.
Investors had an appetite for most any new issue until last week. Six of 10 offerings couldn’t fetch the desired price and six were yanked as fear again mingled with greed. A fresh crop of sellers, including Moelis and Weibo, may encounter a more rational market than expected.
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