International Business Machines (NYSE:IBM) reported earnings Tuesday that were generally in line with analysts’ estimates, with revenues of $26.2 billion and adjusted earnings of $3.28 per share. The company also upped guidance slightly, noting that some contracts had been pushed out until next quarter and were not recognized in this earnings report.

So why is IBM being hammered, dropping more than 5% to below the $178 level? Reduced or, at least, tempered growth.

While the actual numbers were in line, there was no earnings surprise, so the stock was taken out to the proverbial woodshed. As many investors are exiting, I’m looking at the current weakness as an opportunity to get into a fundamentally solid company at a much more attractive valuation.

While IBM may have gotten a little ahead of itself pre-earnings, it hasn’t lost its mojo. The current weakness puts it back in the attractively valued camp. With a now more reasonable P/E of 14.2, plus a dividend yield of 1.6%, IBM shares look poised for a grind back to the $185 level by January 2012.

Based on IBM’s current market price of $177.39 and using a target price of $185.00, a target date of January 20, 2012, and $10,000 of investment capital, this is a great candidate for a near-term options trade.

To play this with options, visit TradingBlock.com, create a free Instant Login and try the TradeBuilder feature. Input the ticker, target price and date, and investment amount, and you’ll see several ways to trade that include selling a January put spread, buying the stock, or using some more-advanced strategies.

Best of all, you can see a potential profit-and-loss outline for each strategy. If you set up an account, you can hit the “Trade” button on your preferred strategy and be on your way! Create your free login, and get access to these IBM option trading strategies by visiting the TradeBuilder here.