TECHNOLOGY & TELECOMMUNICATIONS

IBM Chairman Predicts Profit for ‘94: Louis V. Gerstner Jr., presiding over his second IBM annual meeting, told shareholders that “barring the unforeseen, we are planning on being profitable in 1994.” The meeting was far less confrontational than last year’s, when IBM’s stock had fallen from $100 to about $48. The Armonk, N.Y.-based company has since accelerated its cost cutting, leading it to post a modest $392-million profit and a 6% jump in revenue on continuing operations for the first quarter.