SPCX, IBM, BSX Plummet to 52-Week Lows Amid Profit-Taking and Weak Outlook

Shares of SpaceX (SPCX), International Business Machines Corp. (IBM), and Boston Scientific Corp. (BSX) plummeted to 52-week lows on Wednesday due to a combination of factors.

SpaceX's stock, which made its historic debut on Wall Street last month, dipped below its IPO price of $135 after the company experienced heavy selling following aggressive capital-raising plans and a limited public float. SPCX fell to an all-time low of $132.15, down 0.6% for the day.

IBM's stock slumped 2.7%, reaching an annual low of $211.03, as the company's preliminary second-quarter results revealed revenue well short of analysts' expectations. The miss was largely due to the infrastructure division, where sales fell 7% as clients pulled back or delayed IT and data center spending amid rising cybersecurity concerns.

Boston Scientific Corp.'s stock recovered somewhat, closing up about 1%, after slumping to a 52-week low of $42.20. The company has been pressured by weakness in the broader medical technology industry.