IBM up 4 on earnings

The currency benefit for the company is ridiculously large. Reported #s are 24.5 billion, an 11% increase but adjusted for constant currency its 22.9 billion, a 4% increase.

Services bookings came in at 10.8 billion, which is slightly below the fuzzy mean of about 11 billion in services but at the high end of the range the company was blessing.

My inclination is to sell here. My buy recommendation has to come off after a 20% move with a purely currency driven beat.

I'll have some more commentary on this later. Got other fish to fry here.