U.S. Software Stocks Tumble as IBM's Disappointing Earnings Raise Investor Concerns
On July 14, according to BIT (bit.com) market data, U.S. software and IT services company stocks tumbled after International Business Machines Corporation (IBM) posted earnings that missed analyst expectations, reigniting market concerns about the sector's outlook. In early trading on Tuesday, IBM shares plunged as much as 26%, which, if sustained through the close, would mark the worst single-day performance since at least 1968. IBM attributed the missed earnings to clients shifting capital expenditure from its products to chips and servers. The software sector broadly came under pressure, with Microsoft falling 2%, Workday Inc. dropping 6.3%, Salesforce Inc. declining 3.2%, Autodesk Inc. sliding 2.4%, and SAP SE losing 3.4%. The iShares Expanded Tech-Software Sector ETF, which tracks the software sector, was down as much as 2.7% before paring some losses.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Gurman predicts iPhone Duo: The first foldable may set industry standards, Apple (AAPL.US) foldable could trigger a decade-long upgrade cycle
Renowned financial journalist Mark Gurman stated that Apple’s first foldable iPhone has the potential to elevate the still-experimental foldable phone category to an industry standard. He noted that this device, called the iPhone Duo, is one of Apple’s most influential products, ranking just behind the iMac, iPod, iPad, and Apple Watch.
Element Fleet drops bid for FleetPartners, exits sale process
Anchoring to Nasdaq! Anthropic races toward a record-breaking IPO with fundraising scale targeting SpaceX
Sources indicate that Anthropic PBC has chosen Nasdaq as its listing venue, and the potential IPO is expected to set a historic record.
10-Yr Benchmark Govt Yields - U.S. vs Other Nations
Crypto prices
More
