Weakening demand for servers and storage equipment dragged IBM earnings south, and the stock is down 3% this morning.
While the S&P 500 and Nasdaq are barely in the green, the Dow Jones Industrial Average — a price-weighted index in which stocks with higher per-share prices move the index around more — is in the red, basically thanks to IBM alone.
IBM is acting as a 34 point drag on the Dow right now.
This same kind of thing happened yesterday too, when three stocks (Travellers, Johnson & Johnson, and Verizon) pulled the Dow down after earnings even though other indices were up.
Once again, the Dow is weird and people tend to hate it.
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