IBMs share went down hard on Wall Street on Friday. The technology company was put on sale by investors after its quarterly update. This showed that the turnover fall in the final quarter of 2020 was deeper than what was taken into account.
According to experts, the lesser figures mean that the planned reorganization of top man Arvind Krishna may take longer than planned. In the final quarter of 2020, sales fell by 6.5 percent to 20.4 billion dollars. That meant for the tenth quarter in a row that revenues were lower. IBMs share lost more than 10 percent.
The Dow Jones index recorded a minus of 0.6 percent in the early trade at 31,001 points. The broadly composite S&P 500 fell 0.4 percent to 3836 points and tech fair Nasdaq delivered 0.3 percent to 13,487 points.
Furthermore, attention was paid to lockdown measures in Europe and the United States which are becoming much stricter. Investors are also looking at the US Senate, where the new President Joe Bidens corona aid package is likely to encounter resistance.
the business field, next to IBM, chipmaker Intel is also in the spotlight. That company unexpectedly came up with quarterly figures that were better than expected. Intel benefited from the continued demand for laptops due to Coronapandemic work at home. The development of 5G networks and the demand for data centres also propel the results. However, Intel was reduced by more than 5 percent.
Oil service provider Schlumberger provided better quarterly figures than expected and gained 0.7 percent in value. Shares in empty stock exchange pulse Climate Change Crisis Real Impact I Acquisition Corporation made a price jump of more than 80 percent after that fund announced a deal with creator of charging points EVGO. That company goes to the stock exchange by joining the stock exchange fund that was created specifically for the acquisition of another company.
The euro was worth $1.2161 against $1.2107 a day earlier. American oil was worth 2.6 percent less and traded for $51.75 a barrel of owner. Brent oil became 2.2 percent cheaper at $54.89 a barrel.