We're seeing a calm start to the week as the Dow trades less than triple digits for a change. In morning trade the Dow is the only index in the red, other than the VIX (a good thing). The Dow's weakness today has a lot to do with IBM, which posted weak earnings and acknowledged it will not hit an EPS target next year that it has stood by for the past five years. This marks the 10th straight quarter that revenue has declined for IBM.
Recall that the Dow is a price-weighted index, and so higher priced stocks have more impact on the overall index. IBM shares are currently trading down nearly 8% and this is taking almost a hundred points off the Dow, which would be in positive territory otherwise. IBM was once considered a bellwether for tech but that's not really the case anymore. IBM has had to remake ... Log in or subscribe to continue reading.