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Updated from 10:46 a.m. EDT
IBM(IBM Quote) investors saw shares slump Friday as Wall Street tried to figure out what went wrong in the computer giant's first quarter.
CSFB downgraded the shares to neutral from overweight Friday and dropped its price target to $80 from $100, citing last night's earnings miss. The brokerage cited indications that IBM plans to restructure its European operations as evidence the trouble could be longer term.
According to The Wall Street Journal, IBM has told employees at several plants in Germany and Sweden to prepare for closures as the company seeks to move production to countries where labor is cheaper. ...
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