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Jan. 17, 2020, 10:20 a.m. EST

IBM stock falls as Morgan Stanley downgrades ahead of earnings

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By Emily Bary

Shares of International Business Machines Corp. /zigman2/quotes/203856914/composite IBM -2.28% are off 0.8% in Friday morning trading after Morgan Stanley analyst Katy Huberty downgraded the stock to equal weight from overweight. She wrote that Morgan Stanley's recent survey of chief information officers "provides new evidence of core IBM revenue declines, particularly in software and services." The downgrade comes as IBM is due to report fourth-quarter earnings Tuesday afternoon. Huberty expects the company to give a full-year earnings outlook on its conference call, and her earnings-per-share estimate of $12.80 for calendar 2020 is below the $13.28 FactSet consensus and would be flat with what analysts expect for calendar 2019. IBM shares have gained about 2% over the past three months, as the S&P 500 /zigman2/quotes/210599714/realtime SPX -3.35% has added 11%.

/zigman2/quotes/203856914/composite
US : U.S.: NYSE
$ 146.43
-3.41 -2.28%
Volume: 5.45M
Feb. 24, 2020 4:10p
P/E Ratio
13.86
Dividend Yield
4.43%
Market Cap
$132.70 billion
Rev. per Employee
$208,845
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/zigman2/quotes/210599714/realtime
US : S&P US
3,225.89
-111.86 -3.35%
Volume: 2.72B
Feb. 24, 2020 4:20p
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