One former Wall Street darling that has been a serial underperformer during the greatest bull market of all time was the recipient of an upgrade Friday morning. That company is International Business Machines Corp, and it’s the PreMarket Prep Stock of the Day.
Long-Term IBM Price Action
IBM made its all-time high in February 2017 at $174.59. At the price of $129.50, it has a negative return of 26 percent. Over that same course of time, the S&P 500 index has yielded a positive return of 87 percent at 4,436.
Short-Term IBM Price Action
IBM bottomed on the same day (Feb. 24) as the S&P 500 index at $118.81. The recent high for the rebound ($133.08) was made one day after the index made its short top on March 30.
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