IBM’s market value drops $50 billion after revenue warning
IBM’s market value plummeted over $50 billion after issuing a preliminary revenue warning for the second quarter.
The warning led to a historic single-day drop, the worst for the company since 1987.
The decline came despite a strong day for the overall market, with the Nasdaq closing up 0.90% and the S&P 500 finishing 0.38% higher.
The Dow Jones Industrial Average also eked out a small gain, closing up 0.02% at 52,508.