IBM and eBay Disappoint, Lockheed Martin Cuts Jobs: Morning Buzzers
U.S. stock futures fell Thursday morning on disappointing earnings from IBM (NYSE:IBM). The federal government reopened after lawmakers were able to reach an agreement on the budget just one day before the country was to lose its borrowing authority. Twenty-four companies on the S&P 500 will report earnings on Thursday, including Google (NASDAQ:GOOG).
Futures at 8:30 a.m.: DJIA: -0.41%, S&P 500: -0.15%, Nasdaq: -0.02%.
Here’s your cheat sheet to what’s buzzing this morning.
International Business Machines (NYSE:IBM) fell in premarket trading as the company reported earnings after the bell on Wednesday that missed estimates by $1 billion. IBM reported its sixth straight quarter of revenue declines. Revenue for the company fell 4 percent year-over-year to $23.7 billion. The company was hurt in particular by slow sales in China, where hardware revenue fell 40 percent. It wasn’t all bad news for IBM, though, as earnings were up 10 percent to $3.99 per share and income rose 6 percent to $4.4 billion.