Shares of IBM (NYSE: IBM) soared almost 10% this morning, before settling back with a gain of 7% as of 11:00 a.m. EDT. The jump brought the share price to a four-month high.
The company announced it will spin off its managed infrastructure services business into a separate new company. The spinoff, which will be tax-free to existing IBM shareholders, is expected to be completed by the end of 2021. IBM hasn't revealed the name of the new company yet.
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Source Fool.com