IBM slips after Q2 earnings as weaker software sales weigh on sentiment

Having outperformed the S&P 500 this year, rising 28% year to date as of yesterday’s close price, IBM is giving back some of its gains in early trading this morning after reporting Q2 earnings.

Despite beating on the top and bottom lines, with adjusted earnings per share coming in at $2.80 compared to the expected $2.64, IBM’s important software division saw weaker-than-expected growth that appears to be weighing on investor enthusiasm. Revenue in that division came in at $7.39 billion, modestly below Wall Street expectations for $7.43 billion, per reporting from CNBC.

IBM shares drop as software revenue misses

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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