Just as I wrote a few days ago about Intel's results, you can not project INTC's result to other tech companies. There are lots of competitions in PC, notebook, and computer software. The competition in service which IBM is in has been increased gradually. That's why IBM still enjoys a high margin. Most companies do not change their service provider regularly and it gives IBM a stable revenue. IBM is a mature company should trade 10-12 multiple which is 115-130. I will be very comfortable to buy IBM around 115.
TXN is another story. I would not touch it until it drops to 20 or below. There are too many variables in mobile semiconductor space and I do not know who will be dominant player yet.
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