Another possible reason could be the impact that one-time gains are having on keeping IBM posting earnings beats. IBM also benefited from a lower than expected tax rate to beat earnings, says Edward Jones analysts Bill Kreher. “While results benefited from a low tax rate and guidance was not meaningfully above the consensus view, we view weakness as a natural pause following price strength over the last year,” Kreher wrote FORBES on Thursday night. In a note before the earnings release, Bernstein analyst Toni Sacconaghi noted that IBM’s full-year earnings beat was due in part to one-time gains in taxes and the sales of intellectual property that Sacconaghiestimated contributed about $1 billion in net income. Remove that from IBM’s yearly total, and the company would have missed by about $1.00 from its full year EPS guidance for 2016 of $13.50. Itwould be the third consecutive year in which IBM required one-time gains to meet guidance, the analyst wrote: “This suggests ongoing changes in the technology landscape continue to be more challenging than IBM appears to be estimating, or that IBM is not pivoting as quickly as it expected.” Home PageOn a call with analysts after the earnings, IBM chief financial officer Martin Schroeter said the company had reached a margin “inflection point” in 2016. Schroeter also said should IBMgrow revenue from strategic imperatives by 10% or 11%, IBM wouldhit $40 billion in revenue fromby 2018, a target it set several years ago. If IBM did that, its strategic imperatives could become the majority of the company’s business for the first time. Schroeter said such a convergence is possible but not a focus by itself for Big Blue.
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AP Photo/Seth Perlman, File Previous Next TALLAHASSEE, Fla. – Authors of Florida’s voter-approved constitutional amendment that broadly legalized medical marijuana are blasting proposed rules to regulate the cannabis industry. RELATED: More marijuana coverage The proposed rules, released Tuesday by state health officials, would essentially maintain current vendors’ stranglehold on the medical marijuana industry — poised to become one of the nation’s top money-makers — by applying current Florida laws and rules to the constitutional amendment approved in November. “The rule is basically ignoring the text of the constitutional amendment at almost every point of the way,” Ben Pollara, campaign manager of the political committee backing the amendment, said in a telephone interview Tuesday. While medical marijuana was already a legal treatment for terminally ill patients in Florida, Amendment 2 authorized marijuana for a much broader swath of patients . website hereMore than 70 percent of voters supported the amendment, after a similar proposal narrowly failed to capture the requisite 60 percent approval two years earlier. But applying current regulations to Amendment 2 — which includes specific requirements for how the amendment should be implemented — is wrong, Pollara insisted. Of special concern to the amendment’s authors, the proposed rule would give authority to the Florida Board of Medicine — and not individual doctors — to decide which patients qualify for the marijuana treatment. The amendment allows doctors to order medical marijuana as a treatment for patients with cancer, epilepsy, glaucoma, HIV, AIDS, post-traumatic stress disorder, amyotrophic lateral sclerosis (ALS), Crohn’s disease, Parkinson’s disease or multiple sclerosis. The ballot language gives doctors the power to order marijuana for “other debilitating medical conditions of the same kind or class as or comparable to those enumerated, and for which a physician believes that the medical use of marijuana would likely outweigh the potential health risks for a patient.” In contrast, the proposed rule would limit the unspecified conditions to those “determined by the Florida Board of Medicine,” something Pollara called the regulation’s “single most problematic” component. “This is not one of those things that is up for interpretation by a court or anyone else,” Pollara said.
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