The New York Times > Business > Business Special > I.B.M. Report on Earnings Sends Shares Sharply Down: "The miss was pretty widespread across I.B.M. itself,' said Richard Petersen, an analyst with Pacific Crest Securities, which rates I.B.M. stock as 'outperform' or a 'buy.' He noted that the breadth of I.B.M.'s struggles suggests the problem is not specific to the company. 'For them to miss by that amount suggests it's more than just I.B.M.'
Despite indications in past months of a technology sector recovery, industry executives have noted that corporations were cautious about increasing spending to upgrade systems. "