IBM, which closed at an historic high, is down about 4 percent after the close. The issues: 2010 guidance of "at least" $11.40 is only slightly better than previous guidance of "at least" $11.25; bookings also light at $11 billion vs. street expectations of $12.5 billion.
But let's just admit that the stock has had an incredible performance and it's time to take profits.
It has had big outperformance in the last two months (up 11 percent vs. the S&P 500's 7 percent performance).
Already the cynics have come out. One tech trader wrote to me: "only reason it has gone up last X weeks is mutuals needed tech exposure."
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