Look at the share price right now: $161. It's ~$10 drop from yesterday or even earlier this morning.
http://www.marketwatch.com/investing/stock/ibm
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IBM Stock buyback history:
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2010: ~$14B
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2011: ~$14B
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2012: ~$14B
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2013: ~$14B
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2014: ~$14B
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2015: ~$3B
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2016: ~$3B
Things will rapidly accelerate down the hill over next 2 quarters... The inroads true cloud providers (FAANG) are making are astonishing. Every single enterprise IT shop is going in this direction right now - soon, we together with legacy enterprise tech (Ciscos, HP/HPEs, Oracles, etc.) will fight for crumbles that will be left on the table...
The writing is on the wall...