TELECOMMUNICATIONS

IBM Sells Preferred Stock, Mulls New Tax Strategy: IBM received stronger than expected demand from investors for its first sale of preferred stock. The troubled computer giant sold 44 million preferred shares at $25 each and raised a total of $1.1 billion--$350 million more than anticipated. The shares pay a fixed dividend of 7.5%, which makes them appealing in light of current low interest rates. Separately, IBM said in a Securities and Exchange Commission filing that it may change its tax strategy to ensure that its declining fortunes will not cost it $1.5 billion in tax credits.