When IBM (IBM) reports earnings tomorrow, I expect to hear good news. The global tech stock has met or exceeded Wall Street’s earnings expectations in each of the last four quarters, which is always an optimistic sign.

To be sure, IBM was able to weather the recession much better than other tech stocks due to a very strong cash flow and substantial profit margins. The company has surged more than 50% year-to-date and is right up against its 52-week high. IBM has managed to grow sales and revenue across 2009, even as competitors struggled to stay flat, showing that this company is truly benefitting from the scale and name recognition it enjoys.

While many tech firms, like Apple (AAPL) and Research in Motion (RIMM), are chasing the next big personal gadgets, IBM is content to continue its dominance of the mainframe and server market.

What kind of force is this global tech company? Well, IBM’s dominance has prompted an antitrust investigation, though I don’t expect any penalties or problems to ultimately come from this.

The important thing to note is that other tech companies have ceded this part of the computer market to IBM, and it is thriving as a result.

What’s more, IBM’s fundamentals are strong, and the momentum is clearly behind this stock, so I am issuing a “buy” rating on shares.

Though the cloud of an antitrust suit may cause a few near-term hiccups, in the long run, I expect this stock to be vindicated and continue to move up.  What’s more, shares deliver a comfortable 55-cent dividend, adding even more value to this investment

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