IBM’s stock heads for worst day in 6 months, lowest price since early 2016
International Business Machines Corp. IBM, -6.37% shares were on track for their worst day in six months Wednesday after revenue at the tech giant’s pivotal business units fell short of Wall Street estimates. IBM shares were down 6.3% at $136.04 in recent activity, after touching an intraday low of $133.43, and were the worst performer on the Dow Jones Industrial AverageDJIA, -0.24% which was down 0.2% Wednesday. A close at current levels would be the lowest close for IBM’s stock since March 2016. Of the 24 analysts who cover IBM, opinion was split but trending negative with five cutting price targets and two raising them, resulting in an average price target of $161.66, and one analyst downgrading the stock, according to FactSet.
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