Cisco Systems Inc. gave a bullish forecast for the current quarter, signaling confidence that an overhaul of its computer-networking products will continue to boost corporate demand. Cisco, the maker of equipment that directs most of the world’s internet data traffic, also said demand around the world and across all of its products had lifted earnings in the July quarter above average projections. Chief Executive Officer Chuck Robbins is remaking Cisco into a provider of networking software and services, aiming to decrease its traditional dependence on high-priced custom machines.
The Dow Jones Industrial Average notched a dubious distinction on Wednesday, as U.S. equity benchmarks fell firmly lower. The blue-chip benchmark failed to move 10% above the closing low hit earlier in the year, and has now spent the longest period in correction territory—131 trading sessions—since the 223 sessions in 1961, according to Dow Jones Market Data. Some market-technician purists believe that an asset must put in a new high to officially emerge from correction phase.
On August 1st, I made a chart commentary titled Correction Time? Listen to This Grizzly to Decide. I concluded the worst we might see in August was a 5% pullback to S&P 2700.But since then, the market and its sectors have made some decisive moves to indicate
Derek Scissors, the American Enterprise Institute Asia economist, discusses why China and the U.S. should give up on negotiating trade and go back to a time when China wasn't such an important part of U.S. supply chains.
Foods Co., a unit of Kroger, the largest supermarket chain in the U.S., will no longer accept payment from customers using credit cards issued by Visa, the largest credit card company in the U.S. The ban on Visa credit cards – but not debit cards – was set to go into effect Tuesday. The grocery store chain announced the policy change last week, saying it was due to Visa’s interchange rates, which merchants pay to banks whenever a customer uses a corresponding card at the store.
The FBI just warned banks that their customers’ accounts could be targeted by a worldwide ATM hacking scheme. The attack, known as an “ATM cash-out” or “unlimited operation,” is expected in the coming days, and will likely take place on a weekend or after banks have closed, according to information obtained by the FBI. The warning was issued only to banks, not the general public, but was publicized by Brian Krebs on his cybersecurity blog, Krebs on Security.
Tech and healthcare jobs dominated the list of highest-paying jobs in America, according to a new report by Glassdoor. Looking at the top-paying jobs across U.S.-based companies, the job search firm pulled salary reports for job titles from July 1 last
General Electric shares were off by more than 2% at one point Wednesday, dropping below $12 a share for the first time since the summer of 2009, as investors apparently remain unconvinced that the company’s turnaround plan will stem the bleeding. Earlier this year, the negativity surrounding the stock reached a fever pitch when, at an industry conference, CEO John Flannery talked about the future.
Martin Tripp, the former Tesla employee who was fired from Tesla and then sued by the company, has tweeted a number of photos that allegedly show damaged batteries and flawed practices at Tesla's battery factory, CNBC first reported. In an attempt to back up some of his claims, Tripp has posted photos of vehicle identification numbers that he says were delivered with faulty, punctured battery cells. In one tweet, Tripp shows what he alleges is proof that Tesla stores waste and scraps in open parking lots and trucks at the Gigafactory, instead of properly storing them in temperature-controlled warehouses.
coverage (as I have said, Buffett is betting on Apple being worth $2 trillion). Sears chairman and CEO Eddie Lampert wrote a letter to the board (which is weird because Lampert controls the company, in effect he is writing himself) released on Tuesday evening (it's always after-market hours with Sears) offering to buy what's left of the Kenmore home appliances business. In the letter, Lampert offers several clues Sears could be headed into its final holiday season amid a major cash crunch.
After Tuesday’s reasonable “turnaround,” investors took the full brunt of selling pain on Wednesday, with major indices falling about 1%. Chinese stocks remain under pressure and a big cannabis deal took place. Let’s look at our top stock trades. Top
Canopy Growth, the world's largest marijuana company, is set to report earnings after the closing bell Tuesday. The stock has long been popular among millennials on Robinhood, and Tuesday was no exception. Canopy Growth — the world's largest marijuana company and the first to trade on the New York Stock Exchange — has been a wildly popular stock among millennial investors, and heading into the Canadian company's firs- quarter earnings report, that enthusiasm was only growing.
CNBC's Josh Lipton breaks down Cisco fourth quarter earnings, which beat Wall Street expectations.
U.S. chip company Nvidia is making a bold claim that it has accomplished the greatest leap since the invention of the CUDA GPU more than a decade ago. There is positive sentiment developing around Nvidia’s (NVDA) stock. After all, Nvidia claims to be combining artificial intelligence, real-time ray tracing, simulation and rasterization.
AT&T was the plaintiff's cellphone provider at the time. The U.S. investor accuses the telecommunications giant of negligence that allegedly caused him to lose roughly $24 million in cryptocurrency. "What AT&T did was like a hotel giving a thief with a fake ID a room key and a key to the room safe to steal jewelry in the safe from the rightful owner," the complaint alleges.
Selling on the NYSE midday Wednesday reached panic-like proportions, based on the so-called Arms Index. The Arms is a volume-weighted measure of market breadth that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. The S&P 500 index (SPX) and the Nasdaq Composite Index (COMP) both were on track for their biggest daily declines since late June, according to FactSet data.
During the second quarter ended June 30, Berkshire Hathaway added nearly 12.4 million shares of Apple (AAPL), bringing its already massive stake in the iPhone maker to nearly 251.96 million shares, a position valued at over $52.8 billion when using Tuesday’s market close of $209.75. The iPhone maker has been a great investment for Berkshire, though Buffett has historically shied away from tech companies. The “Oracle of Omaha” has hinted, however, that his investment deputies— Ted Weschler and Todd Combs— were responsible for buying Apple.
Cisco Systems Inc. shares rose in the extended session Wednesday after the networking company’s earnings and outlook topped Wall Street estimates. Cisco (CSCO) shares advanced more than 6% in after-hours trading, following a 0.3% decline to close at $43.86 in the regular session. At the close, Cisco shares are up 14.5% for the year while the Dow Jones Industrial Average (DJIA) , which counts Cisco as a component, is up 1.8%, the S&P 500 index (SPX) has gained 5.4%, and the tech-heavy Nasdaq Composite Index (COMP) has advanced up 12.6% in the same period.
Cisco Systems (CSCO) shares are surging after it reported earnings that beat analyst estimates and, to the relief of investors, encouraging guidance. The results, announced after markets closed, pushed Cisco shares up more than 7% in extended trading. Additionally, Cisco offered fiscal-year 2019 guidance of 5% to 7% growth year over year , and earnings per share of 69 cents to 74 cents on a GAAP basis (70 cents to 72 cents on a non-GAAP basis). The news temporarily allayed fears that the network-equipment company faced near-term pain.
Cisco, like other legacy technology companies, has been launching new products focused on high-growth areas such as cyber security and Internet of Things to cushion sluggish demand in its traditional routers and switches business. "We're seeing the returns on the investments we are making in innovation and driving the shift to more software and subscriptions," Chief Financial Officer Kelly Kramer told analysts on a post-earnings call. Subscriptions, which provide a more steady revenue stream, represented 56 percent of total software revenue in the reported quarter, the company said.
NetApp Inc. (ntap) shares wavered between gains and losses in the extended session Wednesday after the cloud data storage company reported mixed fiscal 2019 first-quarter results. NetApp said it earned $283 million, or $1.05 a share, in the quarter, compared with $131 million, or 47 cents a share, in the first quarter of fiscal 2018.
It’s been a rough year for shares of Caterpillar (CAT), which are currently trading 25% below their all-time highs which were reached in January. Despite several consecutive earnings beats and continually improving guidance, investors seem to be focusing on the negative effects of the trade war, with tariffs on both sides raising both the costs of raw materials used by Caterpillar and the net cost of their finished goods sold in overseas markets. Actual results at Caterpillar could hardly be better.
Cisco Systems (CSCO) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.69 per share. This quarterly report represents an earnings surprise of 1.45%. Cisco, which belongs to the Zacks Computer - Networking industry, posted revenues of $12.84 billion for the quarter ended July 2018, surpassing the Zacks Consensus Estimate by 0.59%.
Delta Air Lines (NYSE:DAL) announced on Wednesday that the company plans on hiring at least 1,000 flight attendants in 2019 as it hopes to expand the size of its operations. Delta applicants will also have to be willing to work a flexible schedule, have at the very least a high school degree or GED, be at least 21 years old by Jan. 1, 2019, have the appropriate documentation to work in the U.S. and be fluent in English. This may sound like a lot because Delta only has 13,000 pilots, but there aren’t as many people who aspire to be pilots as before.
Nvidia NVDA saw its stock price surge over 1.7% Tuesday after the chipmaker officially unveiled its much-anticipated, eighth-generation GPU architecture. Nvidia’s new Turing line of graphics chips is the company’s “most important innovation in computer graphics in more than a decade,” according to CEO Jensen Huang. Nvidia showed off its Turing GPU’s at a conference in Vancouver on Monday after a nearly two-year wait.