21, I set a bar for buying the stock. I wanted software revenue growth back in the high single digits and recurring revenue rising close to 10%. The software half of that test came through. IBM's software segment reported 9% year-over-year revenue growth at constant currency (a measure that strips out exchange-rate moves). In the second quarter, it grew just 5%. But shares barely budged on Thursday, the day after the report, closing up less than 1% after falling as much as 4% during the session. IBM stock closed at $252. 11, which puts it about 23% under the $329. 23 record close it set on June 2.
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