 Getting 360 friends, glad you're with us today. Of course, we're looking at a market sell-off, but we're also watching earnings, and that's for IBM. IBM earnings are due out today after the bell. Today's 360 round. Melissa Armo, founder, owner of the Stock Swoosh, is with us, and Kevin Horner, senior manager, training services education at Charles Schwab. Thank you both for being with us. Melissa, I was looking through some notes and what folks are looking for, and I think after a recent spin-off of its former IT managed services business, that's something that people are wondering how that factors in, and also the outlook. A lot of talk about what kind of outlook the company will give. What are you watching, Melissa? Well, the stock has been falling just like the market in the last two weeks, and really since the beginning of this year. But if you look back on 2020 and 2021, after we had the COVID bounce, this stock has still been falling even though the market has been rallying and making new highs. So overall, the performance of the stock, even going back two full years, has been terrible. So there's no reason to expect that even if this has a positive earnings report that this is the turnaround. The last time that IBM made new highs was 2013. It's 2022. That's almost 10 years ago. And when you look at a bullish market, you say this stock should be not only at new highs, but through the highs. It's not competing well with so many other people that have entered this space in the last 10 years. Microsoft, Google, companies like that, they're not doing well. I don't think this stock is a buy unless it lists over 160. And the chances of that happening tonight in the earnings are slim to none. I see. Okay. So you're really not as excited about the stock. You're doing a lot of charting as well. Kevin, your thoughts here as you're looking at the chart. I largely agree. I've been looking at this from a weekly standpoint. The weekly chart is downright awful. I mean, I hate to say it. Look, you've had short-term pops into this long-term downtrend line, which you can trade against. But the truth is this has been in the downtrend since 2013 and it has not made higher highs in the extended long run. And in fact, in the most recent period, as we see on the daily chart, we have a true breakdown from an effort to just a couple of weeks back here, recapture the 50-day and 200, or excuse me, the 200-day moving average, which lasted all of two days and it retreated extremely quickly. So the rollover from there, we got as high as 140 and we're back to 124. Now what I find interesting was the shift that has happened from Friday to today in the straddle on this. So on Friday, I was looking at the straddle at the close at like the 128 strike is about a 7% return, about a nine-point implied move. And with today's volatility increasing at that strike right now at 125, it's actually a 9% move implied on earnings and you know what that means? Is it could actually route or could fall, excuse me, to the most recent ledge of support around 115 if we are just expecting, you know, I don't know what you guys have been seeing, but a lot of the data regardless of how good or negative it has been has been met with selling of late. And I think it's important to note what else is going on, not just looking at the chart, which you're both doing here, but also just what's been going on in the underlying story of IBM. As I mentioned, they sold off the IT business that I talked about earlier, also waiting on the sale of Watson Health, right? That's another part of it. And the analysts seem to think that this is all gonna pay off in 2022. That's according to Stiefel. And according to Evercore ISI, they just think that maybe the consensus for the March quarter revenue estimates appear high and that the benefits won't kick in until later. So there are some concerns. They're also changing how they're doing a little bit of the revising the segment reporting. The business is divided into software that will be cloud and cognitive software consulting that used to be global business services and last but not least infrastructure, hardware storage and related support. So at which point would you say and what could you hear today, Melissa, on the call that would say to you that you'd be more interested in the stock? There's nothing that would make me interested in this unless this would make a turnaround of 40 plus points, like I said, and you can't forget and ignore what's happening in the overall market. The market is selling off. There's multiple reasons for that. The market's selling off because it had a big run up. The market's selling off because we're having still problems in the supply train. We're having and talk about interest rate increases four times a year or possibly more. We have high levels of inflation. We still have a big unemployment number. We're having problems right now where they're talking about sending troops to Ukraine. There's too many things going on in the market. Even if this blows out their earnings tonight, the thought that people would even consider buying this tomorrow I think is a problematic. And again, I know people love to buy the dips but if you've been doing that in the stock market in the last two weeks, you've gotten crushed. You've lost money, no doubt. And if people look to buy this tomorrow, if it does gap up on the earnings tonight, don't think it's gonna hold without the market. I think it's gonna take time for this company to turn around. It could turn around in six to nine months. It could turn around the next earnings report but don't look for it to turn around any big way tonight. Right. And you know, even with a 5% dividend yield which people look for, I mean, you could get paid to wait but the pressure has been on the market. Final thought here, Kevin. I cannot argue with anything that's been stated. I think that the price action here on the chart has been negative sufficiently to discourage bullish investors. And I think your best case scenario is from a technical standpoint, one that offers you entrance in the neighborhood of 115. But again, if you're buying on a move lower, you're buying into weakness. So you have to be an investor who's interested in owning that for the extreme long run, in my view, not necessarily a short-term trade. The risk reward might be on the bull side at 115 but that doesn't mean it has to go higher from there. I would be prudently cautious. Right. And IBM previously said it expects annual growth to return to the mid-single digits range and we'll get an update, of course, on the call as well. Melissa Armo, nice to see you. And Kevin Horner, nice to see you. Thank you both very, very much. A great conversation and we'll watch IBM after the bell today.