IBM second-quarter sales miss estimates as customers pull back spending; software stocks sink

IBM reported preliminary second-quarter results that missed analyst expectations, causing software and IT services stocks to plunge. Bloomberg reports the miss delivered a 'devastating blow' to the sector, reigniting questions over its prospects.

• Software Stocks Sink as IBM Miss Delivers ‘Devastating Blow’
• IBM Says Second-Quarter Sales Missed as Customers Pulled Back
• IBM stock plunged after the company warned its revenue fell short of expectations