TECHNOLOGY - Feb. 12, 1993
From Times Staff and Wire Reports
IBM Denies New Job Cuts; Stock Drops: International Business Machines Corp. denied reports that it will eliminate 40,000 jobs this year, but the company’s stock fell sharply on Wall Street as investors retreated in the face of renewed uncertainty. While the ailing computer giant searches for a new chief executive who can stem huge losses and revive its underlying businesses, Wall Street analysts say the company is also planning to exceed the target of 25,000 job cuts it announced late last year. With analysts warning that a new job reduction plan could be detrimental to IBM’s underlying business, the stock fell $1.125 to $51.125 a share in heavy volume on the New York Stock Exchange.
