IBM along for the ride with Accenture drop
Such is the case with IBM (IBM), which has seen its shares fall sharply today, mostly due to the fact that Accenture’s (ACN) earnings outlook has been cut sharply. Accenture also knocked down its fourth quarter revenue forecast, too, which isn’t exactly helping to engender any optimism.
And so, on the last day of a quarter that has been quite tumultuous, IBM saw its shares fall, as well. Both companies have been investing heavily in data analysis, and now that Accenture is taking a dive, everybody is wondering whether they should stick with IBM, with many deciding to hop off, leading to a nearly 5% drop on Friday.
It wasn’t as bad as it was for Accenture, of course. Accenture was down nearly 15% to start the day and just over 10% at the end of the day, as well.
It hasn’t been a great time for a lot of tech stocks, though. Apple (AAPL) is near a 52-week low itself, and in a market that doesn’t just ask for, but demands constant innovation and progress, stockholders are quick to take companies to task when they aren’t measuring up any longer.