In July, IBM (NYSE:IBM) stock suffered the worst day in its 115-year history, falling about 25% after the company warned that customers had shifted spending away from its products. The miss was clearly a matter of timing -- a series of major contracts IBM was planning didn't close by the end of the quarter, as its customers shifted spending to memory and storage products whose prices were increasing rapidly. Three months later, IBM's third-quarter report, which landed on Oct. 21, mostly backed that assessment up, and the company posted strong revenue and earnings. So, why isn't the stock bouncing back?
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