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US Futures Drop as Technology Giants' Earnings Disappoint

U.S. futures fell, taking European markets with them, as International Business Machines ( IBM ) and Germany-based software giant SAP ( SAP ) reported disappointing earnings and guidance for the year.

IBM fell 7% in recent pre-market trade, edging closer to its 52-week low, after reporting a 10% drop in Q3 earnings to miss expectations while SAP ( SAP ) cut its guidance for non-IFRS operating profit as revenue from cloud software takes a bigger share of earnings, but pays off over time rather than upfront as with software that is installed in-house. SAP was down nearly 4% recently.

Later today, Apple ( AAPL ) will report earnings after the close.

Stocks whose income can be affected by the Ebola-virus outbreak continued to swing wildly. iBio ( IBIO ), which gained last week after saying it is working on a vaccine, fell over 24% in recent pre-market trade. Makers of protective equipment such as Haz-Mat suits, Lakeland Industries ( LAKE ), Alpha Pro Tech (APT) and Versar (VSR) all fell, by 11.1%, 11.0% and 12.2%, respectively.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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