BUZZ-IBM set for worse day than 1987 crash after Q2 forecasts

IBM Corp

IBM Corp

IBM

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Updates

** International Business Machines Corp IBM.N shares plunge 25%, putting the stock on track for a one-day drop worse than the 1987 "Black Monday" crash

** Co forecasts Q2 revenue below analyst estimates

** Co's preliminary Q2 revenue comes to $17.2 bln, below the consensus estimate of $17.86 bln, per data compiled by LSEG

** IBM is set to report quarterly results after market close on July 22

** YTD, IBM stock is down ~26.6%, underperforming a 9.8% rise in the S&P 500 .SPX

** The avg rating of 26 analysts covering the stock is 'buy' and their median PT is $293 - data compiled by LSEG


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