The IBM (IBM) turnaround just hit a major speed bump.
IBM stock fell 24% in early trading after an unexpected pre-earnings warning from the company.
The tech giant’s stock is poised to have its worst day ever, dating back to 1961, strategist Mike Zaccardi pointed out on X. The stock lost 23% in a single session in October 1987, he said.
The numbers: IBM sees second quarter sales of $17.2 billion versus analyst estimates of $17.85 billion. Non-GAAP earnings are expected to be $2.93 compared to estimates of $3.02.
What’s behind the move: IBM CEO Arvind
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