IBM -1.4% AH after outsourcing/consulting rival Accenture posts a May quarter revenue miss and lowers guidance below consensus. Mentioned during Accenture's call: Consulting book-to-bill was 1.0, below a target of 1.1; outsourcing was at 1.3. $100M+ worth of bookings were recorded for 12 clients. Outsourcing revenue growth will slow in FQ4 (clients are slowing spending pace/levels), and consulting will show a low-single-digit Y/Y drop on a local currency basis. The U.S. and several major emerging markets are growing well; Europe remains weak. CEO Pierre Nanterme says competition is "stable," but adds a soft market will lead to price pressure. The company now expects FY13 free cash flow of $2.7B-$2.9B. ACN -6.9% AH.