International Business Machines is trading 6.9% down at $306.40 as investors lock in profits following a sharp multi-day rally that saw the stock surge more than 25% over the past week.
- The pullback comes despite the company announcing plans to invest more than $10 billion in quantum computing over the next five years.
- Market commentary suggests today's weakness is driven by technical profit-taking rather than a reaction to deteriorating company fundamentals.