IBM's earnings, already facing a short-term hit from the PricewaterhouseCoopers consulting acquisition, may be damaged further by pension costs. IBM says it may issue up to $1.5 billion in stock that it would buy back and add to the pension plan. The company says the plan could fall short by 2005 because of lower-than-expected investment returns. Merrill Lynch says the move could reduce earnings by 5 cents next year. IBM says restructuring cost charges associated with the PricewaterhouseCoopers deal may reduce fourth-quarter earnings as much as $750 million.