Shares of IBM ( IBM) continued falling on Wednesday despite a broader rally in tech stocks. The company's chief financial office, Mark Loughridge, was clearly unable to stem investors' disappointment with weak third-quarter sales of hardware and software. In a conference call, he argued that the weakness stemmed from a hiccup in sales and customers holding off on purchases as they wait for IBM's new servers and make the most of their current computing power. Investors nonetheless took steam out of IBM's stock, which had been sharply appreciating in recent weeks. After gaining more than 1% during the day, the company's shares fell in late trading after it posted third-quarter earnings that were slightly above analysts' average estimate and revenue in line with most forecasts. Shares were recently trading down $2.90, almost 3%, to $116.70, despite a rally in shares of large tech companies . IBM's results contrasted those of Intel ( INTC) and hard disk drive maker Seagate Technology ( STX). Both companies exceeded analysts' earnings estimates by wide margins and saw their shares gain several percentage points. Intel was recently trading up $1.07, or more than 4%, to $26.55, while Seagate shares had gained 51 cents, or almost 2%, to $26.96. "We could have done better," said Loughridge during the conference, referring to software sales. Loughridge said that while IBM booked smaller sales of less than $1 million at a healthy pace, it failed to close several multimillion-dollar deals.