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Marc Shulman of Salomon Brothers was bravely tipping IBM shares as a contrarian’s delight early in December, and following his note, the shares climbed as high as $128 on December 11, but they have turned smartly round again following a whole string of lowered earnings estimates: when on Thursday last week, the Dow made a new all-time-high of 2002.25, IBM slipped $0.875 to $122.75 – contrarian indeed.

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