broader technology sector
Submitted by admin on Mon, 10/13/2008 - 12:20.
Even after IBM Corp. surprised Wall Street with a healthy profit in the third quarter and a reaffirmation of its earnings outlook for the rest of the year, the broader technology sector dived again Thursday. There's just not enough of what lifted IBM to go around.
Tech stocks were pummeled Thursday, and IBM ended the day down as well. Analysts expressed fears that Armonk, New York-based IBM could see trouble in the fourth quarter and into 2009 if the lending and spending climate worsens as expected.