Posted on 04/14/2005 1:43:45 PM PDT by janetjanet998
IBM missed big..stock is halyed in After hours trading...they even released earnings 2 days early in a surprise...tech stocks down huge in AH..going to be crash tommrow?
Well stune my beeber. This is hugh and series.
Reuters
IBM Posts Profit Below Expectations
Thursday April 14, 4:33 pm ET
SAN FRANCISCO (Reuters) - IBM (NYSE:IBM - News), the world's largest computer company, on Thursday posted quarterly profit and revenue that fell far short of Wall Street's expectations as it blamed difficulties in closing key deals.
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In a surprise statement, the Armonk, New York-based company reported a profit from continuing operations of $1.41 billion, or 85 cents a share, in the first quarter compared with $1.36 billion, or 79 cents a share, a year earlier.
Analysts were looking for a profit, including options expense, of 90 cents a share, according to Reuters Estimates.
Revenues from continuing operations rose a tepid 3 percent to $22.9 billion from $22.2 billion a year ago, well below Wall Street analysts' expectations that ranged from $23.20 billion to $23.78 billion, according to Reuters Estimates.
Excluding the effect of the weaker U.S. dollar, revenue rose just 1 percent year on year, the company said.
"After a strong start, we had difficulty closing transactions in the final weeks of the quarter," Chairman and Chief Executive Sam Palmisano said in the statement. He said the shortfall was tied to countries with "soft economic conditions" and short-term signings in the company's Global Services business, which accounts for nearly half of all IBM revenue.
The stupid thing is that IBM *still* made a profit, better than last year, and the stock price is going to take a beating because some "analysts" said it should be more.
Idiots.
more info...down 5/share before halted....they say weak ecomomics overseas hurt them...(not good for other international companies)
major tech stocks getting hammered in AH...
Hmmm...I trade but have never seen that term.
Sounds like a good buying opportunity tomorrow.
Absolutely - if you like to lose money.
IBM has a nasty habit of screwing up their first quarter earnings by overstating deals in the last few days of the 4th quarter that are rightly business that won't happen until the 1st quarter. Then they have to play all sorts of jiggery pokey with their books to cover it up.
i assume you know little about stocks with that comment...the current stock price has more to do with the future then it does current...1 year ago IBM stock went up(and stayed there) becuase it was forecasted to make so much money this quarter...when it falls short of that forecast it goes down...
WE'RE DOOMED!
well, with that confidence I expect you to go short on IBM with every penny you have tomorrow.
You doing it?
I wouldn't actually call 4% or so halyed! I wouldn't even call it halved!
You can't short a stock on a down tick.
'Effin great. Made my IRA deposit today. Now I KNOW I'm going to take the day off and play golf and drink beer. No doubt about it.
Same thing happened to Apple... They did GREAT, and did even better than the analysts expected, BUT... Their earnings forecast doesn't look as rosy as what they hoped for. So they hammered them for OVER 9% for making massive profits!
Sounds like a plan.
GM down huge today and in AH also...UAW won't give in on healthcare cost..bankruptcy rumours for GM..losest stock price since 1987
apples Ipod sales rose but their revunue from IPOD fell(due to lower prices)....
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