IBM's Stock Gains Amid Reports That a Massive Layoff Is Coming

Shares of IBM Corp. are rising 1.2% in premarket trade Monday, on the heels of reports that the technology giant is prepping for a reorganization that will lead to the largest corporate layoff in history. Reports from multiple sources suggest Big Blue will will slash its global workforce by 26%, which would represent about 112,000 of the approximately 431,000 people IBM employs globally. IBM's stock, a component of the Dow Jones Industrial Average, has slipped 0.7% since it reported last week earnings that beat expectations but revenue that missed. IBM has missed revenue expectations in 12 of the past 14 quarters. The stock has lost 3.8% over the past three months and 13% over the past year, while the Dow has gained 5.2% and 11%, respectively.