IBM Dives Deeper into the Blockchain
International Business Machines Corp. (NYSE:IBM) is in the spotlight today after the Wall Street Journal reported that the tech giant is launching a new platform for companies to try out blockchain record keeping software for their supply chains. IBM’s platform will broaden blockchain’s use beyond financial services and could help companies save money in the long run. Given IBM’s long history of pioneering technology advances, it’s not surprising that IBM would lead the way in broadening blockchain’s uses. Of the 766 active funds that we track, 53 were shareholders of International Business Machines Corp. (NYSE:IBM) on March 31, owning $14.17 billion worth of the company’s shares, which accounted for 9.70% of the float.
Infosys Reports Earnings
Infosys Ltd ADR (NYSE:INFY) shares are 8% lower this morning on robust volume after the company reported its first quarter of fiscal year 2017 financial results. For the period, Infosys earned $0.22 per share on revenue of $2.5 billion, missing the consensus estimates by $0.01 per share and $50 million, respectively. The company missed estimates due to “unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that [Infosys] had won in earlier quarters, resulting in a lower than expected growth in Q1.” Meanwhile, operating profit rose by 11.3% year-over-year and the company added three clients to the $100 million-and-up category. Management expects fiscal year 2017 revenue to grow by 10.5-to-12% in constant currency terms. 21 funds in our database were long Infosys Ltd ADR (NYSE:INFY) as of March 31, unchanged over the first quarter.