Technology stocks saw generally weak results in Wednesday trading, as shares of International Business Machines Corp. and Intel Corp. responded to diverse earnings announcements.
IBM shares were downgraded Wednesday by both Goldman Sachs and Credit Suisse. Credit Suisse analyst Robert Semple downgraded the shares to neutral from outperform, and in a note released to clients cited "the combination of concerns around soft U.S. enterprise spending, execution issues in all 3 of its major segments, and the lack of material upside to consensus [profit] estimates for [2007]."
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