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The Reason Behind the Market’s Drop and IBM’s (IBM) Increase Today

The Reason Behind the Market’s Drop and IBM’s (IBM) Increase Today
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In the latest trading session, IBM (IBM) closed at $175.01, up 1.48% from the previous day. This increase was higher than the S&P 500’s 0.31% loss. The Dow Jones gained 0.67%, while the Nasdaq fell by 1.09%. IBM stock has seen a 0.92% increase in the past month, which is lower than the Computer & Technology sector’s 6.41% gain and the S&P 500’s gain of 2.73%.

Investors are watching for IBM’s upcoming earnings report scheduled for July 24, 2024. The company is expected to report earnings per share of $2.17, a 0.46% decrease from the same quarter last year. The consensus estimate for quarterly revenue is $15.58 billion, up 0.67% year-over-year. For the full fiscal year, Zacks predicts earnings of $9.90 per share and revenue of $63.04 billion, reflecting increases of 2.91% and 1.91% respectively.

Analyst projections for IBM should be closely monitored, as changes can impact short-term share price momentum. The Zacks Rank, ranging from #1 (Strong Buy) to #5 (Strong Sell), tracks estimate revisions and may signal future performance. IBM currently holds a Zacks Rank #3 (Hold).

With a Forward P/E ratio of 17.42 and a PEG ratio of 4.25, IBM is trading at a premium compared to industry averages. The Computer – Integrated Systems industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 96, placing it in the top 39% of all industries. Industry performance is typically measured by the average Zacks Rank of individual stocks within the group.

To stay informed on IBM’s performance, investors can visit Zacks.com for real-time updates. For more stock recommendations, Zacks Investment Research offers a free report featuring the 7 best stocks for the next 30 days. For the full article, visit Zacks.com.

Article Source
https://finance.yahoo.com/news/why-market-dipped-ibm-ibm-214517490.html

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