TradingKey – On Wednesday, July 15, the stock hovered at approximately $219.50 following a sharp recovery after plummeting 25.21% on Tuesday, which was the worst day ever for the stock since records began in 1968 and it closed at $217.07. Yesterday, IBM said on a pre-earnings call that second quarter revenue was $17.2 billion, missing the consensus estimate of $17.86 billion by $700 million and adjusted EPS was $2.93, missing the expectation of $3.02.

The company’s CEO, Arvind Krishna, told the market that his clients have started to spend less on IBM’s software and infrastructure and more on their own AI hardware and memory chips. On 4H, IBM is at $219.50, RSI at 19 (very oversold), and support is at $213.28. HSBC analysts cut the…