IBM IS LAYING OFF AROUND 1,700 WORKERS, STOCK RISES
IBM’s stock is currently trading at 133.63-higher by 1.07% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.85%. The stock has continued gaining after the opening bell.
The tech giant said on Thursday that it is laying off a small percentage of employees. According to market sources, the job cuts would affect around 1,700 workers. The job cuts come as the company seeks to evolve its business through a major acquisition and meet its goal of growing profits.
IBM had reported a weaker-than-expected first-quarter revenue in April. Stocks of the company gained 16% so far this year.
On the technical front, the RSI is currently at 49.26% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 133.55 TAKE PROFIT AT 134.35 STOP LOSS AT 133.15