Shares of International Business Machines Corp. sank 6.0% toward a two-month low in premarket trading Tuesday, in the wake of information technology company’s second-quarter report. The stock was the lone decliner among Dow Jones Industrial Average components in the premarket. IBM’s implied price decline would shave about 54 points off the Dow’s price, while Dow futures rallied 144 points, or 0.5%. IBM’s stock was headed for the biggest one-day loss it tumbled 9.6% on Oct. 21, 2021, following its third-quarter earnings report. Late Monday, IBM reported second-quarter profit and sales that topped expectations, but said the dollar’s continued rally would hurt full-year results more than previously expected and trimmed its free cash flow guidance. IBM’s stock has gained 7.0% over the past three months through Monday, while the Dow has lost 11.0%.
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