Cramer Is Disappointed In IBM, Wants To Avoid The Stock

On CNBC's Mad Money, Jim Cramer tried to explain the sell off in International Business Machines Corp. IBM after the earnings. He said that the earnings looked good, but only to an untrained eye. Cramer blames IBM's management for the downturn of the stock, because they made too optimistic promises on the conference call in May. These promises are the reason why analysts raised their expectations for IBM. Management compared earnings with April's conference call, but on May the expectations were set much higher. The miss was not in the contract signings, this was a case of the lost confidence, thinks Cramer. He concluded that maybe IBM doesn't know what are they doing, or maybe the management should not be trusted. Cramer wants to avoid IBM, and he recommends investors to buy Accenture Plc ACN instead.