Here's an example of why PRE-earnings announcements are so difficult to play.
Here's this morning's headline @ 9:14 am
"Ahead of the Bell: Analysts upbeat on IBM's 4Q Analysts upbeat on IBM's 4th-quarter as results signal improvement in technology spending"
On Wednesday January 20, 2010, 9:14 am EST
NEW YORK (AP) -- IBM Corp.'s strong fourth-quarter results gave analysts more confidence the company has another year of earnings growth ahead of it.
"An ongoing economic recovery along with higher IT budgets should provide a tailwind for IBM's software and hardware segments," Canaccord Adams analyst Peter Misek told clients in a note Wednesday.
He upgraded the stock to "Buy" from "Hold" and raised his price target for share to $150 from $130.
Sounds optimistic, right?
So what does IBM do this morning????
Gaps DOWN from yesterday's close of $134.++ to $129.++.
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