IBM Profit Misses Estimates for First Time Since 2005
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International Business Machines Corp., the largest computer-services provider, fell the most in eight years after missing profit estimates, hurt by a hardware slump and the failure to sign customers to contracts.
The shares dropped 8.3 percent to $190 at the close in New York, the biggest one-day decline since April 15, 2005. The tumble wiped out the stock’s gains for the year, a month after it hit a record high.