They're not referring to the stock price, the revenue that IBM takes in has fallen for 14 straight quarters: http://www.marketwatch.com/story/ibm-reports-another-quarter...
The stock would actually have fallen much, much more but IBM has been performing continual stock buybacks to prop it up: http://247wallst.com/technology-3/2015/10/27/why-investors-d...
Some people think IBM is nothing more than a financial engineering firm now: http://dealbook.nytimes.com/2014/10/20/the-truth-hidden-by-i...