Yahoo!  My Yahoo!  Mail
				News Home - Help

News Home Top Stories World Asia Pacific Business Technology Entertainment Sports Photos -- News by Country -- Indonesia Malaysia Philippines Singapore Thailand -- Greater Asia -- China Hong Kong Taiwan
	Yahoo! Asia News Search Yahoo! News

		advertisement
Tuesday July 22, 10:05 AM Lenovo shares dive amid downgrade, IBM share sale Photo: Reuters Click to enlarge HONG KONG (Reuters) - Shares of top Chinese PC maker Lenovo Group Ltd fell 5.02 percent after a broker downgrade and a sale of the company's shares by International Business Machines Corp's . Shares of Lenovo were set to open at HK$5.3 on Tuesday, compared with its previous close of HK$5.58. JP Morgan downgraded Lenovo to neutral from overweight due to a near-term slowdown in revenue growth from weak China demand and a slower ramp-up of the U.S. consumer business. The downgrade came soon after U.S. computer giant International Business Machines Corp (IBM) sold $77.3 million worth of Lenovo shares. IBM sold 116.19 million shares, or a roughly 1.3 percent stake in Lenovo, at HK$5.19 each, the bottom of a range of HK$5.19 to HK$5.36 per share, a source close to the deal said. (Reporting by Donny Kwok; Editing by Anne Marie Roantree)