Thousands of American Programming jobs from IBM will end up being shipped overseas by early next year. It is estimated that 4,700 jobs will go, joining the several thousand IBM has already sent there.

Joining a long list of companies such as Microsoft, Dell, Intel, Cisco, and AOL-- IBM hopes to cut costs and increase profits by employing cheaper foreign workers. It is estimated that over 500,000 tech jobs have already been shipped overseas.

Mimiking a current trend of outsourcing companies, IBM is expected to use its current workers to train the cheaper foreign workers. Investors responded positively to the news with shares rising 76 cents early on.