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"Big Blue" Stock Drags the Dow After Earnings
IBMIBM(IBM) Schaeffers Research·2024-04-25 14:33

IBM Corp (NYSE:IBM) is at the bottom of the Dow today, last seen down 8.7% to trade at 167.95.There′salottounpackfromBigBlue′squarterlyreport;first−quarterearningstoppedestimates,butrevenuefellshort.Thetechtitancitedforeignexchangeasaheadwindfortherestof2024,andagreedtobuycloudcompanyHashiCorp(HCP)for167.95. There's a lot to unpack from Big Blue's quarterly report; first-quarter earnings topped estimates, but revenue fell short. The tech titan cited foreign exchange as a headwind for the rest of 2024, and agreed to buy cloud company HashiCorp (HCP) for 6.4 billion, or 35pershare. Atleastfourprice−targetcutsfollowed,theworstcomingfromJ.P.MorganSecuritiesto35 per share. At least four price-target cuts followed, the worst coming from J.P. Morgan Securities to 185 from $190. Wedbush, meanwhile, hiked its ...