IBM (IBM) Lower As Credit Fears Surface
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Shares of IBM (NYSE: IBM) are under pressure today after an analyst raised concerns about bad debts at 'Big Blue.' Shares of IBM are down 6% mid-day to $110.
Today, a Sanford C. Bernstein analyst said there is increased risk that some consumers may be failing to pay their bills. The firm noted that IBM's provision for bad debt increases to a level similar the bursting of the dot-com bubble. IBM's allowance for doubtful accounts rose from 1.3% in 2007 to more than 3%.
IBM was added to the SEC list that temporarily banned short selling, due to its financing unit.
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