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00:02IBM shares fell Friday after J.P. Morgan maintained an overweight rating but lowered its price
00:07forecast to $250. The revision followed other analyst cuts after IBM issued disappointing
00:14preliminary second quarter results Tuesday. Bank of America reduced its forecast to $208 from $330,
00:21while HSBC downgraded the stock to reduce and cut its forecast to $190.
00:25hours. IBM reported preliminary earnings of $2.93 per share on revenue of $17.2 billion
00:32below expectations of $3.02 per share and $17.9 billion. The company cited changes in client
00:40spending, execution issues, delayed deals, and customer cybersecurity concerns.
00:45Shares were down 3.52% at $211.34 at the time of publication on Friday, according to Benzinga
00:52Prodata. For all things money, visit Benzinga.com.
