IBM, Intel stock selloffs slash more than 100 points off the Dow – MarketWatch
Disappointing earnings from technology leaders are responsible for more than half of the Dow Jones Industrial Average’s DJIA, -0.29% declines on Friday. International Business Machines Corp.’s IBM, -9.22% stock tumbled $13.65, or 10.4%, in morning trading after the IBM reported late Thursday fourth-quarter results, in which adjusted profit beat expectations but revenue missed, with the price decline was shaving about 90 points off the Dow’s price. Intel Corp. INTC, -8.83% shares fell $3.52, or 5.6%, to lop about 23 points off the Dow’s price, in the wake of the chip maker’s fourth-quarter results, which were unexpectedly released before Thursday’s closing bell. The combined negative effect on the Dow of IBM and Intel stock price declines was 113 points, while the Dow fell 207 points, or 0.7%.