BUZZ-IBM slips after preliminary Q2 results miss expectations; software firms fall

Intuit Inc.
IBM Corp
ServiceNow, Inc.
Adobe Systems Incorporated
Oracle Corporation

Intuit Inc.

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IBM Corp

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ServiceNow, Inc.

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Adobe Systems Incorporated

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Oracle Corporation

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** International Business Machines Corp IBM.N shares fall ~18% in pre-market trading on Tues after the co announces preliminary Q2 revenue below analyst estimates

** Co expects Q2 revenue of $17.2 bln, below the consensus estimate of $17.86 bln, per data compiled by LSEG

** Shares of US software firms fall; ServiceNow NOW.N down 4.7%, Salesforce CRM.N off 5%, Accenture ACN.N down 5.5%, Intuit INTU.O down 3%, Oracle ORCL.N off 1.4%, Atlassian TEAM.O falls 4%, Adobe ADBE.O slips 3.3%

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

** YTD, IBM stock is down ~2%, 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


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