IBM’s stock is the lone Dow decliner, would cut about 30 points off the Dow’s price

/ / News

Shares of International Business Machines Corp. dropped 3.7% in premarket trading Tuesday, and was the only decliner among Dow Jones Industrial Average components ahead of the open, after the technology giant reported another quarterly revenue decline and didn’t provide financial guidance. The stock’s implied price decline would shave about 30 points off the Dow’s price, while Dow futures rose 103 points, or 0.4%. Wedbush analyst Moshe Katri said the third-quarter results, which were reported late Monday, were “mixed,” as the net result continues to be “lackluster revenue growth and inconsistent margin performance.” The stock has lost 6.4% year to date through Monday, while the Dow has eased 1.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.