Disappointing earnings from technology leaders are responsible for more than half of the Dow Jones Industrial Average’s DJIA,
drops on Friday. IBM from International Business Machines Corp.
Shares plunged $ 13.65, or 10.4%, in morning trading after the IBM reported fourth-quarter results late Thursday, in which adjusted earnings exceeded expectations but missed sales, with the price dropping about 90 points off price of the Dow. Intel Corp. INTC,
shares fell $ 3.52, or 5.6%, to be about 23 points lower than the Dow’s price, in the wake of the chip maker’s fourth-quarter results, released unexpectedly before the closing bell of Thursday. The combined negative effect on the price declines of Dow or IBM and Intel was 113 points, while the Dow fell 207 points or 0.7%.