IBM has announced that it has bought IBM Research’s stock.
The company’s shares have risen more than 10 per cent since its announcement on August 12, 2018, and the company has an upside rating of 5 per cent.
The stock was listed on NCLN, the NASDAQ exchange, on September 16, 2018.
The price rise came as IBM announced that its Research and Development division was planning to expand its research and development and technology services, which are expected to be valued at about $2 billion in 2020.
The research and technology division will be headed by the vice president of the firm’s Research and Data Science group, Jodie Lee.
She will report to Jodien Deen, who is the current chief operating officer of IBM.
The move comes after IBM reported a revenue loss of $6.5 billion, a year earlier.
It also comes after the company’s stock had been trading at about a 10 per, or 30 per cent, premium to its closing price on September 12.
IBM shares have also climbed over 20 per cent in the past year.
They are now trading at a market cap of about $14.6 billion, making them one of the top five global stock markets.
IBM’s shares rose by about 9 per cent during the 2016 fiscal year.
The firm reported a $4.1 billion revenue loss, but the company expects its net loss to be in the range of $2.2 billion to $2:2 billion.
IBM is also preparing to sell its cloud business and its research software business.
The sale of IBM Research is part of a larger strategy of cutting costs to meet a growing need to expand services to customers and the wider world.
IBM has also announced that the firm will invest $50 million in its research division in the coming months.