IBM goes on a full-court press

Essentially, he thinks that the current downturn is not a typical recession. Instead, it's a critical shift in the world economy. As a result, companies need to radically rethink their businesses. If not, they may not survive for long.

And IBM has a plethora of offerings that can help companies with the "new normal." For example, Palmisano provides a litany of innovations from IBM, such as smart grids, intelligent auto traffic systems, sophisticated food supply systems (using RFID) and so on. What's more, with the Obama stimulus plan -- as well as initiatives from other countries -- there is likely to be a nice boost in demand for such infrastructure investments.

More importantly, IBM has the heft and credibility to be a prime beneficiary. The company has extensive dealings with many major governments. Plus, IBM continues to generate significant free cash flows ($14.3 billion last year).

So, according to Palmisano, IBM "will take the long-term view, and go on offense. Throughout our history, during periods of disruption and global change, this is what IBM has done."

Yes, it's a great message for shareholders and employees to hear -- especially in the grim economic environment.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Streetsmart Guide to Short Selling: Techniques the Pros Use to Profit in Any Market. He is also the founder of BizEquity, a free online business valuation tool for small businesses.