WS #12067
IBM shares fell ~24% after a rare pre-earnings warning, marking worst day since 1987, as customers shift spending away from mainframe and software to servers and AI. June CPI came in at 3.5% YoY vs 3.8% expected, reducing Fed rate hike odds for July to 17% from 42%, boosting risk assets. Cybersecurity stocks rallied after IBM CEO flagged cyber fears as a top priority, with Okta, CrowdStrike, and others surging ~10%.
IBM Pre-Earnings Warning
IBM shares fell ~24% after a rare pre-earnings warning, marking worst day since 1987, as customers shift spending away from mainframe and software to servers and AI.
June CPI came in at 3.5% YoY vs 3.8% expected, reducing Fed rate hike odds for July to 17% from 42%, boosting risk assets.
Cybersecurity stocks rallied after IBM CEO flagged cyber fears as a top priority, with Okta, CrowdStrike, and others surging ~10%.