IBM Corp. (IBM) reported first quarter operating net income of $3.00 per share after the bell Thursday, up from $2.78 per share last year. The consensus estimate was for EPS of $3.05. IBM reiterated its expectation for full-year 2013 operating earnings per share of at least $16.70. Analysts currently expect the company to earn $16.77 per share.
IBM gapped open dramatically lower Friday and declined during the first half of the morning. The stock slipped further in the early afternoon and finished with a loss of 17.15 at $190.00 on the highest volume of the year. IBM sank to a 3 1/2 month low and dropped below its 200-day moving average.
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