What Happens To IBM Stock If Its Slowdown Lasts?

Over the past three months, IBM (IBM) stock lost 26%, while the S&P 500 gained 4.8%. During its July 22, 2026 earnings call, management acknowledged that second quarter results fell short of expectations. Tens of large deals failed to close on time, accounting for most of this shortfall. Executives believe customers delayed these deals rather than canceling them. How much of that business began trickling back before the quarter wrapped up.