The market doesn't want to see it, but IBM (IBM) is transforming to the cloud, mobile, and social. The stock is down 6% today on weak guidance due to currency, but the below the surface numbers are improving at a fast clip. For 2015, the strategic group generated 26% revenue growth and now accounts for 35% of the company. Business analytics makes up the vast majority of the group for now, but areas like the cloud grew by 57% for the year. The key takeaway is the stock is slumping with the market due in part to guidance that was dramatically hit by the ongoing currency slump around the globe. IBM forecast 2016 earnings of $13.50 with an incredible $1.3 billion impact from currencies. Without the currency hit, earnings would approach the original analyst target of close to $15. IBM is a cheap stock where incredible headwinds will quickly turn into tailwinds. Disclosure: Long IBM