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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