IBM’s (IBM) stock is likely to stay in the penalty box for an extended duration after a shock profit warning.
Quick insight: Big Blue’s stock crashed 25% on Tuesday, its worst day ever, dating back to 1961. The stock lost 23% in a single session in October 1987.
Shares were up slightly on Wednesday in premarket action.
“I think that this is one that you’re going to have to wait, and it’s going to be in the penalty box for a while as they adjust their business,” Globalt Investments senior portfolio manager Thomas Martin said on Yahoo Finance’s Opening Bid (video above).
What’s behind the move: IBM said it sees second quarter sales of $17.2 billion versus analyst estimates of $17.85…
