IBM (IBM:NYSE - commentary - research) shares rose 2.1% to $76.22 Tuesday as the technology giant tried to soothe sour investors with news of an increased dividend and buyback program, an acquisition and two service contract renewals.
The company holds its annual shareholder meeting in Charleston, S.C., on Tuesday and the company's investors haven't had much to cheer about. Shares are down 22% this year, with most of the drop coming since the start of April. The stock plunged to a two-and-a-half-year low two weeks ago when IBM badly missed its financial targets for the first quarter and predicted it would only hit its full-year earnings target by cutting costs.