IBM Slips 2.1% on Forecast
IBM
(IBM) - Get Report
was down 2.1% in preopen
Instinet
trading after CEO Louis Gerstner predicted high single-digit sales growth for the computer giant, down from his earlier estimate of 10% or better.
In addition, IBM executives said Big Blue did not have enough units on hand to meet demand for its latest mainframe.
Lehman Brothers
and
Bear Stearns
maintained their buy ratings.