IBM said an inability to close deals before the end of the quarter, combined with higher pension costs, dragged on its earnings. The technology company, which missed Wall Street forecasts by US$0.06 per share, hinted at a major restructuring this year. IBM tumbled US$6.94, or 8.3 percent to US$76.60, and was the biggest loser on the Dow.
The Russell 2000 index of smaller companies was down 11.16, or 1.89 percent, at 580.78. The Russell lost 4.91 percent this week and is down 10.86 percent for the year.
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