The Dow Jones Industrial Average on Friday morning was being dragged lower on the back of a sharp decline in shares of International Business Machines Corp. The Dow component was down 3.6%, or about $6, which translates to a roughly 40-point weight on the blue-chip benchmark. The slide in IBM’s shares occurred despite fourth-quarter results that topped Wall Street estimates, and returning to revenue growth. IBM’s shares has beaten earnings expectations for 13 straight quarters but its stock has still suffered. A $1 swing in any one of the Dow’s components translates to a $6.83-point move in the benchmark. The Dow was most recently down 33 points with the lion’s shares of that decline coming from the Armonk, N.Y.-based technology company. The S&P 500 index was up 0.1% at 2,800, while the Nasdaq Composite Index was showing a 0.1% gain at 7,303.
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