43% of IBM's EPS Growth due to Share Buybacks: BMO

International Business Machines Corp. (NYSE:IBM) shares are down 4% this morning, after the company reported earnings that disappointed investors.  IBM is dragging down the Dow Jones with it in today’s trading session. International Business Machines Corp. (NYSE:IBM)has now had several weak revenues Qs in 2012, including this Q. Revenues were $24.75 billion, compared to our estimate of $25.47 billion and consensus of $25.38 billion. Software, GBS and the systems business units all were weak. Even though IBM’s results have been weak for several Qs, it seems as if IBM’s execution was worse this Q, particularly in services, note BMO analysts. The systems business weakness…