We know where this is leading. . .
https://seekingalpha.com/article/4075450-red-flags-ibm
A beautiful list of red flags, which he then provides support for each point in his clearly written, not-too-lengthy article:
"Decline in revenue over multiple quarters
Revenue growth driven by acquisitions
Decline in the sustainable cash flow
Tax management to manage the bottom line
Decrease in dividend payment ability
Levered balance sheet"