Some recovery in Asia , US after-market selling overdone ?
Hopefully value buyers who foresee a better 4Q from a
dividend paying IBM will replace the fast selling earnings
players tommorrow .
IBM & INTC firmer in the Asia markets:
"Tuesday October 17, 10:05 pm Eastern Time
CORRECTED - CORRECTED-IBM off lows in early
Asia, Inte
In TOKYO story headlined ``IBM (NYSE:IBM - news) off lows in early Asia, Intel firmer''
please read in lead paragraph .... losing over 12 percent on disappointing earnings results which came after the bell .... instead of .... losing over 12 percent during the regular U.S. session (clarifies that fall was after the regular session).
A corrected story follows.
TOKYO, Oct 18 (Reuters) - Shares of International Business Machines Corp recovered some ground in after-hours trading
early on Wednesday in Asia after losing over 12 percent on disappointing earnings results which came after the bell.
Shares in the world's largest computer maker traded on the Instinet electronic brokerage system around $104 as of 0000
GMT, above the $99 low posted after a regular close of $113.
The company announced its keenly awaited earnings results after the bell, saying its third-quarter sales rose three percent to $21.8 billion, missing analysts' forecast of $22.4 billion. The stock price quickly tumbled on Instinet.
During Tuesday's regular session, IBM rose 1.69 percent while other technology stocks were sold as fears of slowing earnings battered computer chip makers and the Philadelphia Stock Exchange Semiconductor Index (^SOXX - news) plummeted 9.29
percent.
The tech-laden Nasdaq index (^IXIC - news) slipped 2.32 percent on Tuesday, extending Monday's 0.80 percent loss.
The world's biggest chip maker, Intel Corp (NasdaqNM:INTC - news), also reported third-quarter profits after the regular
session close. The company said net profits surged 52 percent to $2.9 billion, outperforming market expectations, which had diminished after its revenue warning last month.
The results pushed the share price firmer to around $38 on Instinet in early Wednesday Tokyo trade from the regular close of
$36-3/16.
Intel's shares had plunged about 50 percent since the profit warning.
biz.yahoo.com
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Jim K. |
