In its Form 10-Q quarterly report filed with the U.S. Security and Exchange Commission (SEC) today, International Business Machines Corp. (NYSE: IBM) revealed that it had been notified in August of an SEC investigation relating to revenue recognition of the accounting treatment of some transactions in the U.S., the U.K., and Ireland. IBM said it is cooperating with the SEC in the matter.

It appears that the slightest bit of bad news about Big Blue sends the company’s stock plummeting, and today’s bit is no different. Shares dropped to a new 52-week low of $137.33, down about 4% for the day.

We noted earlier today that IBM’s board authorized an additional $4 billion in stock buybacks in addition to about $2.4 billion still remaining under a prior authorization. That didn’t help the share price any—it has been drifting south all day after opening at $143.51.

Analysts have been less than impressed with the company’s performance recently as well. Many firms maintained their Buy ratings on the stock, but those same firms did not maintain their price targets. Everyone has seen the weak results and big stock buybacks before, along with little to indicate that IBM has turned anything around.

Small wonder, then, that the company’s stock reacts so negatively to any mildly bad news. Investors simply have little confidence that the company is going to be able to make any change to the disturbing downward share price trend.

Shares traded at $138.09 with about 45 minutes left in Tuesday’s session. The 52-week high is $176.30.

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