IBM's Stock Shaving Nearly 50 Points Off The Dow's Price

By Tomi Kilgore Markets MarketWatch Pulse

International Business Machine Corp.'s stock was by far the biggest drag on the Dow Jones Industrial Average , accounting for about 15% of the blue chip barometer's 318-point tumble. IBM shares slumped $7.07, or 5.5%, in morning trade Wednesday, meaning it was shaving off about 48 points from the Dow's price. IBM reported fourth-quarter revenue late Tuesday that missed expectations for the seventh-straight quarter, and 11th of the last 12. The next biggest drag was Chevron Corp. shares , which were losing $4.16, or 5.1%, as crude oil prices plunged to new lows, to take about 28 points off the Dow.

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