By Sarah Frier - Oct 11, 2011 4:02 AM GMT+0700
International Business Machines Corp. (IBM), the world’s largest computer-services company, rose to a record, surpassing the mark set in July.
IBM rose 2.3 percent to $186.62 at the close in New York, giving it a market value of $222.9 billion. The price topped the $185.21 it reached July 19.
“It’s attractive as a safer, less volatile investment in tech in very turbulent times,” said Ed Maguire, an analyst at Credit Agricole Securities USA in New York who rates the shares “outperform.”
IBM, which went public in 1915, has gained 27 percent this year, making it the best performer of the Dow Jones Industrial Average. The index, down 1.3 percent this year, jumped 3 percent today as global markets rallied.
Chief Executive Officer Sam Palmisano divested the company’s PC business six years ago, turning the company once known for mainframe computers into the world’s biggest computer- services provider. IBM is celebrating its 100th anniversary this year.
To contact the reporter on this story: Sarah Frier in New York at sfrier1@bloomberg.net
To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net
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