Expect more

After Alcoa’s horrid results two days ago set the scene for a ghastly earnings season, IBM has lightened the mood with a surprising good quarter. Investors shouldn’t celebrate too much – the tech conglomerate’s weak revenue growth suggests problems are postponed, not avoided. Some of the relief came from the fact that worse results were expected. The stock had sold off 22% in the previous six days due to fears that capital expenditures by IBM’s clients had taken a hit. As the finance industry i...