$IBM 's stock lost 26% during the day, experiencing its sharpest daily drop since "Black Monday" in 1987, after the company announced its preliminary Q2 financial results that fell below expectations.



CEO Arvind Krishna acknowledged that the anticipated deals could not be completed on schedule.

According to Bloomberg analysis, this change also led to declines of between 3% and 6% in other software companies such as ServiceNow $NOW , Workday $WDAY , and Salesforce $CRM .
IBM-25.23%
NOW-5.78%
WDAY-3.49%
CRM-2.10%
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