IBM stock crashed 5% overnight; Here’s why
Photo: Finbold
Late on October 21, International Business Machines Corporation (NYSE: IBM ) stock whipsawed as it first rapidly rallied more than 7% before reversing just as fast and finding itself at $238.29 – 5.24% below the latest $251.46 close – in the Thursday, October 22, pre-market. Curiously, the dramatic IBM share price moves were driven by the technology giant’s latest quarterly earnings . Notably, the company disclosed a double beat, with revenue coming in at $17.10 billion – analysts were anticipating $16.82 billion – and earnings per share (EPS) at $2.95 – Wall Street was calling for $2.86.
Source: Finbold
