On July 17, IBM fell 3.09% in regular trading, trading at $212.1/share with turnover of $962 million, as selling pressure persisted following the company's historic earnings warning earlier this week.

On the news front, JPMorgan cut its price target on IBM from $291 to $250 while maintaining an overweight rating. This follows Oppenheimer's earlier downgrade from \"Outperform\" to \"Perform,\" withdrawing its $350 target price and noting that double-digit software growth \"faces significant challenges.\" HSBC also lowered its target from $191 to $175.

The continued weakness stems from IBM's pre-announced Q2 results showing revenue of approximately $172 billion, up only 1% year-over-year, well below the consensus estimate of roughly $179 billion. Infrastructure revenue declined 7%, software growth slowed to 5%, and consulting posted zero growth. CEO Arvind Krishna acknowledged the company \"missed\" this quarter, citing a sudden shift in client capital expenditure priorities toward AI hardware infrastructure at the expense of traditional software and services spending.

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