Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: habitrail who wrote (2432)	7/17/2002 4:25:25 PM
From: Jim Willie CB	Read Replies (2) of 89467

could get Dow ugly tomorrow: IBM Q2 eps down 97% (or 27%) IBM Posts Sharp Drop in Quarterly Profits ARMONKey, N.Y. (Reuters) - International Business Machines Corp. (NYSE:IBM - News) on Wednesday said its profit fell sharply for the fourth quarter in a row, as corporations worried about their own stagnant bottom lines spent less on technology. IBM, which sells everything from computer software to microchips to computer services, said it earned 3 cents per share in the second quarter, down from $1.15 per share a year earlier. The No. 1 computer maker said it earned 84 cents per share excluding charges of 81 cents per share to cover job cuts, a reorganization of its microelectronics division and for its money-losing hard disk drive business. The Armonk, New York-based company, whose results are a bellwether for the influential technology industry, announced plans to sell most of its hard-disk drive assets to Hitachi Ltd. for $2.05 billion at the beginning of June. -end-

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