Shares of International Business Machines Corp. IBM, -5.99% dove 5.4% in premarket trading Thursday, in the wake of the technology company’s disappointing third-quarter results, and was by far the biggest drag on the Dow Jones Industrial Average DJIA, -0.20% ahead of the open. The implied price decline in IBM’s stock would shave about 51 points off the Dow’s price, while Dow futures YM00, -0.18% shed 98 points or 0.3%, with 23 of 30 components trading lower. The next biggest Dow decliner in the premarket was Caterpillar Inc.’s stock, which slipped 1.1% and implied a 15-point weight on the Dow’s price. The biggest gainer was Dow Inc.’s stock DOW, +0.78%, which rose 1.5%, and would add about 6 points to the Dow’s price, after the chemical and specialty materials company beat third-quarter profit and revenue forecasts.
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