IBM Plunges as CEO Abandons 2015 Earnings Forecast
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International Business Machines Corp. plunged to a three-year low after abandoning an earnings forecast for 2015, as the company struggles to transform fast enough to handle the shift to cloud computing.
IBM said it will provide an update on its projections in January, ditching a five-year plan to boost profit. The shares tumbled 7.1 percent, dragging down the Dow Jones Industrial Average. Warren Buffett, IBM’s biggest shareholder, had $900 million of his investment wiped out.