Shares of IBM (NYSE: IBM) have run into a resistance level. If history is a guide, there’s a good chance that the price is going to move lower.
Resistance is a large group of investors trying to sell their shares at or close to the same price. In this case, it’s $138.
Piper Sandler cut Lam Research Corporation (NASDAQ: LRCX) price target from $627 to $596. Lam Research shares fell 1.8% to $472.61 in pre-market trading.
IBM (NYSE: IBM) shares traded higher by 7.7% on Wednesday after the company reported a first-quarter earnings beat as it continues to restructure its company.
International Business Machines (NYSE: IBM) is having its best day since Jan. 25 ($128.82 to $136.10) after its earnings beat. The corresponding price action makes it the PreMarket Prep Stock Of The Day.