IBM Drops Most in Three Months on Decline in Services Signings |
BusinessWeek - Apr 20, 2010 |
International Business Machines Corp. dropped the most since January in New York trading after reporting a drop in service signings, signaling corporate spending on larger technology projects hasn’t picked up yet.
Services signings, which account for more than half of total sales, fell about 2 percent to $12.3 billion in the first quarter, IBM, the world’s largest computer-services provider, said yesterday. New contracts for application-management, which help clients maintain and develop software, slid 23 percent.
The stock declined as much as 3 percent -- the most since Jan. 20, the day after its fourth-quarter earnings report. The company still hasn’t signaled to investors that profit can rise based on sales growth rather than steps like costs cutting and stock repurchases, said Brian Marshall, an analyst at Broadpoint AmTech in San Francisco.
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- Posted: 2010-04-20 11:00:59
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