Technology

5 Tech Victims Suffer the Wrath of IBM's Earnings

The IT services and hardware sector had a gut check Monday morning following the earnings announcement from International Business Machines Corp. (NYSE: IBM). Just when companies thought that they had escaped the market carnage from the previous week, IBM’s earnings caused this sector to take a loss. 24/7 Wall St. has looked over the IT services and hardware sector and found some of the biggest victims of IBM’s earnings.

IBM hit a three-year low following the poor earnings report that was released before the market opened on Monday. The shares of this computer giant have recently been trading down over 7% at $168.94 from the previous close of $182.05. The share price hit a relative low amid the market carnage from the previous week of $178.69. It has a 52-week trading range of $165.25 to $199.21.

Five other technology peers of a sort were lower in sympathy, while many others were actually up on the day.

Cisco Systems Inc. (NASDAQ: CSCO) manufactures and sells networking equipment. On Monday shares traded down almost 2% to 22.82 from the previous close of $23.25. Last week during the market carnage, they hit a relative low of $22.49, a level not seen since May. The stock has a 52-week trading range of $20.22 to $26.08. Cisco remains the dividend king of technology.

EMC Corp. (NYSE: EMC) deals specifically with data storage, information security, analytics and cloud computing. The company’s shares recently traded down almost 1% to $26.87. In the previous week, shares hit a relative low of $26.65. They have a 52-week trading range of $23.15 to $30.18. EMC has so far been able to press back against activist investing themes.

Hewlett-Packard Co. (NYSE: HPQ) provides hardware, software and IT services to customers across all sectors. In Monday’s trading, shares were down over 1% to $33.70, and last week shares were as low as $31.62 — levels not seen since May. They have a 52-week trading range of $23.45 to $38.25. HP now is firmly entrenched in its plans to split into two.

SAP SE (NYSE: SAP) may have been the biggest victim of IBM’s earnings with shares dropping as far as 7% to $64.10, a two-year low. SAP produces enterprise software to manage business operations and customer relations. It has a 52-week trading range of $64.10 to $87.42.

Teradata Corp. (NYSE: TDC) sells analytic data platforms, applications and related services. It has seen its shares take a dip in Monday’s trading of about 3% to 40.93. Last week, shares hit a relative low of $39.54, which had not been seen since May. They have a 52-week trading range of $37.66 to $49.57.

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