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Sun fell as low as $7.53 a share, following reports Friday in The Wall Street Journal that IBM is currently engaged in combing through Sun's contracts, as part of the evaluation process on whether to move forward with an acquisition.

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Sun's shares started sinking shortly after a big jump on word of a possible acquisition by IBM.

(Credit: Yahoo Finance)

Sun's shares had been on a rocket ride, after reports surfaced last week in the Journal that IBM was in negotiations to acquire the company for roughly $6.5 billion.

After the reports surfaced, Sun's shares shot up 79 percent to $8.89 a share. The struggling hardware maker's shares had largely languished below $5 a share for the past five months.

As it reportedly shows IBM its contracts, Sun is approaching the end of its fiscal third quarter, which could provide Big Blue with additional data for its decision making. red river map