IBM drops 2.8% as euro sells off

• The euro is down 1.6% against the dollar today following a bearish Goldman forecast, bringing the exchange rate to 1.0465. IBM, which received 33% of its Q4 revenue from EMEA, is among the biggest large-cap tech decliners on a day the Nasdaq is down 1% and the S&P 1.1%.
• Big Blue is just two weeks removed from forecasting a strong dollar will respectively have 7%+ and 6%+ impacts on Q1 and full-year sales growth, larger than previously expected. It had a 440 bps impact on Q4 growth, topping initial guidance of 300 bps.
• Shares are a little over $4 above a 52-week low of $149.52 (set on Jan. 29). They trade for 10x 2015E EPS and 12x IBM's 2015 free cash flow forecast.