On July 24, IBM rose 3.01% in regular trading, trading at $212.86/share, with turnover of $692 million. The rebound follows the formal release of Q2 earnings after the prior session's close, which confirmed previously disclosed weak results, allowing oversold conditions to trigger a technical recovery.

IBM reported Q2 revenue of $17.16 billion and adjusted EPS of $2.93, both slightly below consensus but broadly consistent with the profit warning issued one week earlier that had already sent shares plunging approximately 26% and erased nearly $70 billion in market capitalization. With the negative surprise fully absorbed, buying interest emerged. Infrastructure revenue fell 7% year-over-year, with Z-series mainframe sales plunging 42%, though management guided full-year constant currency revenue growth of 4%-5% and maintained its free cash flow improvement target.

Additionally, IBM announced a definitive agreement to acquire HRL Laboratories from Boeing and General Motors to advance its quantum computing roadmap through silicon-spin qubit expertise, with the CEO projecting quantum technology will generate trillions in value by the late 2030s. Multiple analysts adjusted price targets lower but maintained constructive ratings, with the consensus target near $250.

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