Weak Sales for IBM and Other Stocks Drop in Pre-Market Session

This morning, U.S. stock futures showed a mixed response, with Nasdaq futures rising approximately 150 points as Thursday began.

However, the shares of International Business Machines Corporation (IBM) faced a significant downturn during the pre-market trading session due to a disappointing report on their third-quarter revenue.

IBM announced a third-quarter revenue of $14.968 billion, which failed to meet the consensus expectation of $15.07 billion, as highlighted by Benzinga Pro.

As a result, IBM's stock price plummeted by 5%, bringing it down to $221.28 in pre-market trading.

Several other notable companies also experienced losses in today's pre-market trading:

• ICON Public Limited Company (ICLR) saw a dip of 16.3%, with shares trading at $235.13, following disappointing third-quarter financial results.
• Garrett Motion Inc (GTX) shares declined by 12.6%, dropping to $6.97 after unveiling weak quarterly sales.
• Beyond, Inc. (BYON) faced a 12% decrease, with shares falling to $8.38 after reporting results that included lower-than-expected third-quarter adjusted EPS and sales.
• Carrier Global Corporation (CARR) experienced a decline of 9.9%, with its shares down to $72.00 following a report of disappointing third-quarter revenues.
• Spirit Airlines, Inc. (SAVE) saw a decrease of 5.2%, trading at $2.92, after a significant jump of 46% on the previous day.
• enGene Holdings Inc (ENGN) shares decreased by 4.1%, reaching $8.96 in pre-market trading.

In summary, the mixed performance of the stock market reflects a challenging environment, particularly for companies like IBM and others reporting underwhelming financial results.

IBM, stocks, revenue