and that is why Warren Buffet is not too worried either. because the share price has come down IBM will buy more of its own shares. Therefore Buffet will own a bigger part of the company with out actually buying more shares. almost a win-win!!! (except for the people who are going to loose their jobs as a result of this, but who cares about them?)
Which is a proxy bet for interest rates being low for some time to come. They go up, the buy back game is over for everyone. This may be a good bet, for now.