IBM's troubles drag down stocks as industrials fall 7.84 to 3284.36
Article Abstract:
The Dow Jones Industrial Average dropped 7.84 points to 3284.36 on Dec 15, 1992, but would have posted a gain had it not been for a 6-3/4 loss in IBM stock. More than 12 million shares of IBM stock were traded, or about one-twentieth of the total New York Stock Exchange volume of 225,880,000 shares. IBM's stock was driven down by the announcement that the company will take a $6 billion charge in 4th qtr 1992 to cover the planned elimination of 25,000 jobs in 1993. IBM has already slashed its workforce by 70,000 since 1990. Investors were even more stunned when IBM warned that it may not be able to maintain its quarterly dividend rate of $1.21 per share. IBM's stock has lost more than $20 billion in equity so far in 1992.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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Industrial average slips 6.71 points; new concern on IBM results cited
Article Abstract:
Renewed concerns about weak earnings at IBM brought IBM's stock down, and the rest of the market fell in consequence. Industry observers expect that IBM's 2nd qtr 1991 report, which is due on Friday, Jul 19, will show that IBM earned between zero and 25 cents a share in the quarter, compared to $2.45 in the comparable period in 1990. And IBM might report a loss in the 3rd qtr of 1991. IBM's stock fell two and five eighths, to ninety six and five eighths, and the drop in IBM's stock accounts for nearly five points of a 6.71-point loss on the Dow Jones Average, on Jul 16.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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