IBM's 25% one-day crash: the mechanism (customers front-running memory prices out of a fixed IT budget) matters more than the headline miss)
IBM had its worst single-day drop ever on Tuesday — down \~25.2%, from $290.23 to $217.07. A bigger one-day percentage loss than Black Monday 1987. About $69B of market cap gone in a session (WSJ). What's unusual is why, and …