International Business Machines Corp. (IBM) fell in German trading after the company cited “challenges” at its server unit, said to be targeted by Lenovo Group Ltd. (992), as one reason hardware profit fell last quarter. International Business Machines Corp. (NYSE:IBM)’s revenue declined for a seventh straight quarter amid plunging demand for servers, the world’s biggest computer-services provider said yesterday. The Armonk, New York-based company’s hardware unit had a $750 million profit drop partly because of its x86 server business, Chief Financial Officer Martin Schroeter said on a conference call.
Marketwatch also published the following about International Business Machines Corp. (NYSE:IBM):
Futures for the Dow Jones Industrial Average DJH4 -0.10% fell 31 points to 16,324, while those for the Standard & Poor’s 500 index SPH4 +0.05% eased 1.4 points to 1,837. Futures for the Nadsaq 100 index NDH4 +0.04% were up 2.75 points to 3,612.25. Weighing on blue chips premarket, shares of International Business Machines Corp. (NYSE:IBM) skidded 3.5% after the company delivered fourth-quarter revenue and a full-year earnings outlook late Tuesday that fell short of Wall Street hopes.
Some of the hedge funds tracked by Insider Monkey lost big today because of this move. Here are the top 5 hedge funds and their losses today:
1. Warren Buffett’s Berkshire Hathaway
Number of IBM shares: 68,121,984
Loss: More than $400 million.
2. Ken Fisher‘s Fisher Asset Management
Number of IBM shares: 3,146,627
Loss: More than $18 million.
3. Jim Simons‘s Renaissance Technologies
Number of IBM shares: 2,831,400
Loss: More than $16 million.
4. D. E. Shaw’s D E Shaw
Number of IBM shares: 1,974,155
Loss: More than $11 million.
5. Phill Gross And Robert Atchinson’s Adage Capital Management
Number of IBM shares: 1,521,690
Loss: More than $9 million.
Billionaire Stan Druckenmiller came out recently and revealed a short position in IBM. He must be giddy now!