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A number of stocks jumped in the morning session after IBM issued a revenue warning that suggested enterprise IT budgets are aggressively shifting toward server and memory purchases.
A number of stocks jumped in the morning session after IBM issued a revenue warning that suggested enterprise IT budgets are aggressively shifting toward server and memory purchases.
IBM (IBM) stock plunged over 20% in Tuesday's session after releasing weaker-than-expected preliminary results for its second quarter. Yahoo Finance Markets and Data Editor Jared Blikre breaks down what IBM's figures is signaling about the broader separation between software and chip stocks.
Shares of technology and consulting giant IBM (NYSE:IBM) fell 25.9% in the morning session after the company reported that enterprise customers unexpectedly diverted their IT budgets away from its software and infrastructure deals in the final weeks of June, rushing instead to buy supply-constrained hardware like memory and servers ahead of expected price increases.
IBM startled investors Tuesday with an acknowledgment that shifting priorities in the AI economy are bludgeoning its core business.
Shares in IBM plunged 24 percent on Tuesday after the US tech giant released disappointing preliminary second-quarter results, blaming a shift in spending by customers due to expected higher prices for memory chips and other AI-related infrastructure.A global rush by tech companies to build out artificial intelligence infrastructure has sent demand for servers, memory chips and storage soaring, driving up prices and creating supply shortages across the industry.
IBM's preliminary Q2 earnings are a major disappointment.
Today’s S&P 500 gains wouldn’t suggest it, but most of the index’s components are actually in the red. The S&P 500 is up 0.4% while the Equal Weight S&P 500 is moving in the other direction, down 0.3%. Nearly two-thirds of names in the S&P 500 were down despite session gains, signaling that stocks on the rise are doing the heavy lifting, offsetting the larger group of laggards and then some.
A bad day for International Business Machines has turned into great day for CrowdStrike Holdings and other cybersecurity companies. The reason why seems to be a short reference about cybersecurity in a letter to shareholders from IBM CEO Arvind Krishna. Krishna discussed how IBM clients in June shifted quarterly capital spending toward servers, storage, and memory purchases ahead of expected price increases.
HSBC downgrades IBM shares to the equivalent of Sell, pointing to better investment opportunities in a basket of stocks including IonQ and Accenture.
The Nasdaq gained 0.9% while the Dow fell 0.2% in a split decision. IBM's 24.9% plunge and Goldman Sachs' 7.4% surge explain Tuesday's split decision.
IBM stock tumbled after an unexpected AI spending shift hit quarterly results.
IBM (IBM) shares plummeted Tuesday after the company's preliminary second-quarter results fell short
Calls collapse as traders rush toward downside protection
(Updates with index/price moves and company/geopolitical news from the first paragraph.) US equit
The dollar slid Tuesday after a drop in US inflation dented expectations of an interest rate hike later this month.Earlier Tuesday, the market saw a roughly 40 percent probability of a US interest rate hike this month, but that fell to 13 percent after the CPI data was published.
Yahoo Finance's Markets and Data Editor Jared Blikre and Senior Business Reporter Brooke DiPalma join Julie Hyman on Market Catalysts to break down the June Consumer Price Index (CPI) report, what it means for the Federal Reserve's rate-cut outlook, and how Fed Chair Kevin Warsh's testimony could shape expectations for monetary policy.
IBM is on track for its biggest share price slump on record after warning that AI is eating into its business.