IBM lost 6.3% to $175 as of 1:15 p.m. EST, after the tech giant recorded a 4% decrease in third-quarter revenue to $23.7 billion. Net income, however, was up 6% to $4.4 billion, and diluted earnings were $3.68 a share.
Thursday's losses mark the largest drop in share price since April 19 this year after the release of the IT company's first-quarter results. In the year to date, shares have fallen 8.3%.
"It is carrion for other, more aggressive companies," wrote Jim Cramer in his recent Real Money analysis. "While there were currency issues that were endlessly discussed by management, I am calling this one a disaster."
- You can view the full analysis from the report here: IBM Ratings Report
- You can view the full analysis from the report here: EBAY Ratings Report
- You can view the full analysis from the report here: GS Ratings Report
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV