was down 18.6% to 91 in early trading, its lowest level since last November. Big Blue reported third-quarter earnings per share of $1.08, meeting the
First Call/Thomson Financial
estimate and ahead of the year-ago 90 cents.
But the company's sales were below expectations and its revenue outlook disappointed analysts and investors.
cut its 12-month target to $130 from $144,
removed the stock from its recommended for purchase list and
cut it to hold from accumulate.
Sanford C. Bernstein
said investors should not buy the stock now.