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Updated 4pm

In this morning's Q3 2014 earnings reports, IBM missed EPS expectations by almost 15% and missed revenues by $970M. CEO Ginny Rometty said,

"We are disappointed in our performance...We saw a marked slowdown in September in client buying behavior, and our results also point to the unprecedented pace of change in our industry."

The company is also lowering its EPS expectations for 2015. Bloomberg reported,

Rometty had been banking on a strong second half of the year to meet profit goals, including for 2014 adjusted earnings of at least $18 a share. The company is now backing away from a five-year plan to reach adjusted profit of $20 a share by 2015, up from $11.67 in 2010. The pledge was instated by former CEO Sam Palmisano and sustained by Rometty, who succeeded him in 2012.

According to Business Insider,

Shares of IBM were down by about 8.5%, or $15.46 per share, in premarket trading. IBM is a component of the Dow, and every 1-point move in a Dow stock moves the Dow by 6.42195 points. In other words, IBM's sell-off is hacking off about 97 points from the Dow.

Reflective of its acknowledged need to become more technically nimble, as of 9:30AM ET IBM had yet to post its earnings release to its own website.

You can read it here on Nasdaq's site.

More reading:

• Leigh Drogen, This One Graph Shows Just How Bad IBM's Earnings Were
• Tyler Durden, Stocks, Bond Yields Drop After Rosengren-IBM-Oil Triple-Whammy
• James Quinn, Losing $1 Billion In A Day (Berkshire-Hathaway, IBM's biggest investor)
• Phil Davis, Monday Market Movement – IBM Makes US Nervous
• TalkMarkets, Facebook's Market Cap Now Bigger Than IBM's
• David Stockman, The Canary In Big Blue’s Mainframe: Why IBM’s Q3 Bust Marks A Turning Point