IBM Corp. (IBM) reported about a five percent top line growth but missed on margins, says Moshe Katri, Managing Director, Wedbush Securities. IBM fits in the defensive category with an almost five percent dividend yield, he says. Moshe discusses the shift in business from legacy to "new" business such as social, mobile, and data analytics. Wedbush has a neutral rating with a $140 price target on IBM. Tom White shows a May covered call trade on IBM with a breakeven of $137. Tom also explains a slightly bearish May put condor on IBM with a breakeven of $138.40. Tune in for the details.