When IBM acts like a penny stock, something is wrong
The tech MNC’s stock has gyrated this year, both plunging and soaring by historic amounts
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YOU’D be forgiven for mistaking the shares of blue-chip International Business Machines (IBM) for a penny stock these days.
The year is barely half over and already we’ve witnessed headlines announcing IBM’s biggest one-day decline since 2000 in February, its biggest one-day rally since 1968 in May, a new record high in June and, just on Jul 14, its biggest one-day plunge since 1968.
The shares plunged 25 per cent to US$217.07, the largest single-day loss since at least Jan 3, 1968, the earliest date for Bloomberg’s pricing data on the stock.
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