IBM Sellers Get Carried Away After Buffett Disclosure

International Business Machines Corp. IBM shares are trading lower by $4.00 (2.6 percent) at $155.05 in Friday's session.

The stock was hammered in pre-market trading upon the disclosure by Warren Buffett that he exited one-third of his IBM stake in Q1.

See Also: Warren Buffett Explains Why He Dumped A Third Of His IBM Stock

In fact, buyers stepped in ahead of the pre-market low ($152.61) off the opening bell, when it bottomed at $153.00 and it went straight-up. That marks the lowest level for the issue since it bottomed on November 1 at $151.00. It should be noted its previous low was $153.06, which coincides with the current low.

At this time, IBM's stock found some intraday resistance at $155.43 and has backed off to the $155.00 area. In order to fill the void in price and reach the lower-end of Thursday's range, it would need to reach $153.86.