04-08-2002
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TechSpot Evangelist
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Location: Aberdeen, Scotland, UK
Member since: Feb 2002, 4,083 posts
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Market slumps as IBM announce earnings shortfall
Quote:
From Reuters :
April 08, 2002 10:28 AM ET
The blue-chip Dow Jones industrial average fell 117 points, or 1.14 percent, to 10,154. The broader Standard & Poor's 500 Index lost 8 points, or 0.72 percent, at 1,115. The technology-laced Nasdaq Composite Index surrendered 30 points, or 1.73 percent, at 1,739.
IBM, a Dow component and technology bellwether, tumbled $9.57, or almost 10 percent, to $87.68, its largest drop since October 2000. Its stock had traded as low as $87, a level not seen since January 2001.
Computer hardware stocks suffered, including EMC Corp., which lost 48 cents to $10.64 and Gateway Inc., which fell 17 cents to $5.80. Cisco Systems Inc., the world's No. 1 maker of gear that powers the Internet, slumped 52 cents to $15.63.
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