WS #12079
IBM shares plunged over 24% after disastrous preliminary Q2 results, dragging down other tech names like Salesforce, Adobe, and Microsoft; securities fraud investigation launched. June CPI came in cooler than expected, reducing the probability of a July rate hike from 50% to ~10%, boosting tech stocks and bond markets. SK Hynix ADR surged 27% on its first US trading day, trading at a 50% premium to its Seoul listing due to scarcity and strong demand from US investors.
IBM Plunge and Tech Sector Weakness
IBM shares plunged over 24% after disastrous preliminary Q2 results, dragging down other tech names like Salesforce, Adobe, and Microsoft; securities fraud investigation launched.
June CPI came in cooler than expected, reducing the probability of a July rate hike from 50% to ~10%, boosting tech stocks and bond markets.
SK Hynix ADR surged 27% on its first US trading day, trading at a 50% premium to its Seoul listing due to scarcity and strong demand from US investors.