BUZZ-U.S. Stocks on the Move-Steven Madden, IBM, Sinocoking
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U.S. stocks fell at the open on Monday to extend four consecutive weeks of losses as indexes were weighed by IBM, which fell more than 7 percent on disappointing quarterly results. The Dow Jones industrial average was down 0.46 percent at 16,305.01, the S&P 500 was up 0.10 percent at 1,888.66 and the Nasdaq Composite dropped 9.91 points, or 0.23 percent, to 4,248.53.
** IBM CORP, $168.91, -7.22 pct
IBM said it no longer expected to achieve its 2015 operating earnings target of at least $20 per share after weak client spending resulted in an unexpected fall in quarterly earnings and revenue.
The company also said it would hive off its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc to focus on cloud computing and big data analytics.
** SINOCOKING COAL AND COKE CHEMICAL INDUSTRIES INC , $3.94, +67.66 pct Continued...