Tech giant International Business Machines Corp (NYSE: IBM) is back on our radars after a bruising few weeks. Having traded as high as $295 earlier this summer, shares are now hovering just above the $250 level. That marks about a 15% drop from July’s peak and effectively wipes out a good chunk of the hard-won 35% rally that began back in April.
While the pullback has unnerved some, it’s also sparked interest from patient investors watching from the sidelines. As we’ll see below, IBM’s sell-off looks less like a company in trouble, and more like an investor overreaction to a few wobbles in what was otherwise a strong quarterly report.
