Market slumps as IBM announce earnings shortfall

[Arris]

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.