This post is part of a report entitled "Six-pack of technology favorites." You can read about the other top tech stock picks here.

"For more than a decade, International Business Machines (NYSE: IBM) lived up to its reputation as a slow-growing, stodgy company," says Richard Moroney.

The editor of the blue chip advisory, Dow Theory Forecasts, contends, "But over the last 12 months, the picture changed. Strong operating momentum is now propelling genuine operational growth despite U.S. economic weakness."

"Acquisitions and cost cuts have accounted for most of IBM's growth in recent years. In the 10 years ended 2006, sales increased at an annualized rate of less than 2%, and the company lost both market share and in?uence.

"However, sales growth has accelerated in each of the last three quarters, and per-share pro?ts have risen at least 23% in each period. Consensus estimates, trending upward over the last month, project per-share-pro?t growth of 24% in 2008 and 11% in 2009.

"A broad business mix has helped the company keep growing during the economic slowdown. IBM may still be best known for its hardware, but the company's strength over the last year has stemmed from the services and software businesses, which tend to be less economically sensitive than hardware.

"Hardware accounted for about 18% of sales in the six months ended June, while services represented 58% and software generated 20%. Financing operations brought in most of the last 4%.

"While the current economic climate has pinched the consumer, companies are still investing heavily in new technology. IBM's products and services help customers improve ef?ciency, productivity, and security, which in turn can reduce costs. In the six months ended June, IBM's revenue rose 12%, while per share-pro?ts jumped 34%. Revenue from services increased 17% in the six-month period.