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Computer giant

IBM

(IBM)

was down 3.3% in midmorning after

Salomon Smith Barney

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cut its 12-month price target to $135 from $140.

Analyst John Jones made the move after

Sun Microsystems

(SUNW)

lowered its sales and earnings outlook and said that technology spending is weak.

Jones also cut his 2001 earnings estimate for Big Blue to $5 from $5.10