Risk-to-Price Commentary: International Business Machines Corp. Jan 12

Standard & Poors, January 2012

Abstract
Google Inc.'s fourth-quarter revenues rose 25% to a record $10.58 billion, and the company's per-share operating profit increased 8.6% to $9.50. However, Google shares lost more than 8% Friday after results fell short of analyst expectations. The consensus forecasted earnings of $10.48 per share and revenues of $10.91 billion, according to analysts polled by S&P Capital IQ. One factor behind the miss was an 8% decline in the average cost per click. Meanwhile, International Business Machines Corp.'s (IBM) fourth-quarter earnings of $4.71 beat the consensus estimate by $0.09, although its revenue of $29.49 billion fell short of expectations for $29.72 billion. Shares rose more than 4% Friday. Strengths in the quarter included acquisition benefits and growth in software and emerging...

Companies mentioned in this report are:
- International Business Machines Corp.
- CA Technologies
- Microsoft Corp.
- Fiserv Inc.
- Western Union Co. (The)
- Intuit Inc.
- Broadridge Financial Solutions Inc.
- Adobe Systems Inc.
- Google Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- International Business Machines Corp.
- CA Technologies
- Microsoft Corp.
- Fiserv Inc.
- Western Union Co. (The)
- Intuit Inc.
- Broadridge Financial Solutions Inc.
- Adobe Systems Inc.
- Google Inc.

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