International Business Machines Corp. IBM shares are trading lower by $9.80 (5.4 percent) at $160.25 in Wednesday's session. After Tuesday's close, the company reported a Q1 EPS beat of $0.03 but came up shy on revenues by $200 million.
What is attracting hordes of sellers is the company's FY 2017 EPS guidance of at least $13.80, which is far below the Street's estimate of $14.12.
After a much lower open, IBM's stock managed only a $0.69 bounce to $162.45 before continuing its move lower. It has continued to make new lows for the day with the current one standing at $159.77 as of 10:41 a.m. EST. That marks the lowest level for the stock since it bottomed on December 6 at $158.93.
Since falling under the psychological $160.00 support level, it has staged a small rebound back into the lower $160.00 handle.
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