IBM set for worse day than 1987 crash after Q2 forecasts
IBM•Shares plunge on weak Q2 revenue outlook
International Business Machines Corp. shares plunge 25%, putting the stock on track for a one-day drop worse than the 1987 "Black Monday" crash.
The company forecasts Q2 revenue below analyst estimates.
IBM's preliminary Q2 revenue comes to $17.2 billion, below the consensus estimate of $17.86 billion, per data compiled by LSEG.
Results due after market close on July 22
IBM is set to report quarterly results after market close on July 22.
YTD, IBM stock is down about 26.6%, underperforming a 9.8% rise in the S&P 500.
The average rating of 26 analysts covering the stock is "buy" and their median price target is $293, according to data compiled by LSEG.
