4.90k followers • 8 symbols Watchlist by The Motley Fool
The next wave of the Internet is already underway – here are seven companies poised to power this digital revolution.
(Bloomberg) -- Cisco Systems Inc. gave a quarterly sales forecast that fell far short of projections, signaling that companies are postponing hardware purchases amid global political and economic uncertainty, including the China-U.S. trade standoff. Shares fell more than 4% in extended trading.Revenue in the fiscal second quarter will decline 3% to 5% from the same period a year earlier, the San Jose, California-based company said Wednesday in a statement. That indicates sales of about $11.9 billion, compared with an average of analysts’ estimates of $12.8 billion, according to data compiled by Bloomberg. Adjusted profit will be 75 cents to 77 cents a share, also missing analysts’ predictions.Chief Executive Officer Chuck Robbins is transitioning Cisco into more of a networking software and services company. While that push is delivering results -- helped by a slew of acquisitions -- the company still gets the majority of sales from machines that are the backbone of the internet and corporate networks.“Just go around the world and you see what’s happening in Hong Kong, you look at China, what’s happening in D.C., you’ve got Brexit, uncertainty in Latin America,” Robbins said during a conference call with analysts. “Business confidence suffers when there’s lack of clarity and there’s been a lack of clarity for so long that it’s finally come into play.”If sales drop as projected, it would be Cisco’s first quarterly year-over-year revenue decline in two years.Cisco shares declined to a low of $45.12 in extended trading after earlier closing at $48.46 in New York. The stock has gained 12% this year.Fiscal first-quarter net income fell to $2.93 billion, or 68 cents a share, from $3.55 billion, or 77 cents, a year earlier. Revenue gained less than 1% to $13.2 billion. Excluding certain items, Cisco posted profit of 84 cents a share.Cisco has said that the biggest drag on its earnings are cable companies that are trying to extend the life of their existing gear rather than buying new equipment. Adding to that slowdown, a big chunk of spending by phone-service providers is on the early deployment of 5G, or fifth generation, cellular networks. That’s mainly for the base station radio towers that Cisco doesn’t sell. Its gear will be needed later when traffic picks up in data centers.Cisco’s hardware business generated sales of $7.54 billion in the period ended Oct. 26, a drop of 1% from a year earlier. Applications, its software unit, gained 6% to $1.5 billion and security revenue jumped 22% to $815 million.Cisco is the biggest maker of routers, switches and other gear used to connect computers. About 60% of revenue comes from the Americas region. The company gets a tiny percentage of sales from China, where it has been largely locked out of the market. Chief Financial Officer Kelly Kramer said Cisco’s business in China decreased 31% in the quarter, accelerating a downward trend.(Updates with comments from CEO in the fourth paragraph)To contact the reporters on this story: Ian King in San Francisco at email@example.com;Nico Grant in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
While Cisco (CSCO) beat on both top and bottom lines, next quarter guidance was lowered. NetApp (NTAP) beat on the bottom line was missed on the top.
Cisco (CSCO) delivered earnings and revenue surprises of 3.70% and 0.64%, respectively, for the quarter ended October 2019. Do the numbers hold clues to what lies ahead for the stock?
Investing.com - Cisco (NASDAQ:CSCO) reported guidance that missed Wall Street estimates Wednesday, which overshadowed fiscal first-quarter results that topped forecasts amid a challenging macroeconomic backdrop.
The Australian dollar has initially tried to rally during the trading session on Wednesday, but rolled over significantly, reaching towards the 0.68 level. Beyond that, there is also a major technical indicator right there.
(Bloomberg) -- Want to receive this post in your inbox every morning? Sign up hereWall Street awaits Powell testimony, public impeachment inquiry hearings begin, and another warning on oil demand. Here are some of the things people in markets are talking about today.Powell’s turnIn his speech to the Economic Club of New York yesterday President Donald Trump renewed his assault on the Federal Reserve saying the bank was hurting the U.S. by not cutting rates into negative territory. Fed Chairman Jerome Powell will get a chance to give his views in Washington when he appears before Congress’s Joint Economic Committee at 11:00 a.m. Eastern Time. While analysts expect him to maintain the cautiously optimistic approach outlined after the October policy meeting, investors now see increasing chances that rates may remain unchanged throughout 2020. Impeachment inquiryIf Powell is going to capture Wall Street’s interest today, another event on Capitol Hill is likely to command the wider public’s attention: Hearings to determine whether President Trump abused his office and should be impeached at 10:00 a.m. Top U.S. envoy to Ukraine William Taylor and Deputy Assistant Secretary of State George Kent are due to testify in a session that also holds risks for Democratic presidential contenders as Republicans seek ammunition to attack former Vice President Joe Biden. And six senators in the running for the nomination may be forced off the campaign trail at a crucial moment as they would be jurors in a trial. Oil plateauSaudi Aramco’s prospectus last weekend re-ignited the discussion over peak global demand for crude, with the company citing a forecast that sees a top within the next 20 years. The International Energy Agency painted an even grimmer picture in its latest long-term World Energy Outlook, saying it now sees demand for oil hitting a plateau in about a decade. The forecast suggests current growth levels will continue for the next five years, then start to slow significantly as the use of oil-based passenger cars drops. Investors more concerned about short-term demand effects are pushing the price of a barrel of crude lower this morning as doubts over trade cloud the outlook. Markets slipThe lack of an announcement on trade progress in President Trump’s speech yesterday continues to weigh on markets. Overnight the MSCI Asia Pacific Index dropped 0.8%, with Hong Kong’s Hang Seng closing 1.8% lower as protests continued to grip the city. In Europe, the Stoxx 600 Index was 0.6% lower at 5:40 a.m. with automakers among the worst performers following no word on the delay of threatened U.S. tariffs on the region’s car industry. S&P 500 futures pointed to a drop at the open, the 10-year Treasury yield was at 1.876% and gold was recovering some ground. Coming up...U.S. inflation data for October is expected to show no change from the previous month, with the headline number staying at 1.7% and core at 2.4% when it is published at 8:30 a.m. The monthly budget statement will be released at 2:00 p.m. In keeping with the strong political theme in today’s news, Trump will welcome Turkish president Recep Tayyip Erdogan to the White House, the first meeting between the leaders since the beginning of Turkey’s military offensive in northern Syria. As well as Powell, we will also hear from Minneapolis Fed President Neel Kashkari and Philadelphia Fed President Patrick Harker later. Earnings are from Canada Goose Holdings Inc. and Cisco Systems Inc. What we've been readingThis is what's caught our eye over the last 24 hours. The world is still in love with coal. German stocks don’t show a nation in recession. Chilean peso sinks to fresh low as Santiago is rocked by riots. Venice declares state of emergency after near-record tide and floods. The problem with diamonds is that they keep getting cheaper. Billion-dollar-a-day crypto trader finds accolades are better than anonymity. The oxygen mystery on Mars. To contact the author of this story: Lorcan Roche Kelly in Dublin at firstname.lastname@example.orgTo contact the editor responsible for this story: Cecile Gutscher at email@example.com, Yakob PeterseilFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investing.com – Wall Street opened lower on Wednesday as a trade deal between the U.S. and China seemed less likely, while trading was subdued as investors awaited testimony from Federal Reserve Chairman Jerome Powell on the central bank’s monetary policy.
It is the New Zealand dollar’s day to shine. The currency is up over 1.0%, after the RBNZ did not cut rates, as expected. The Australian dollar and Chinese yuan are steady.
The RBNZ said that while inflation remained below the 2 percent target mid-point, economic developments since August did not warrant a change to “the already stimulatory monetary setting at this time”.
Investing.com - U.S. futures fell on Wednesday as U.S. President Donald Trump continued to keep markets guessing about when and if a trade deal with China will be reached, while testimony from Fed Chair Jerome Powell will be the highlight of the day.
Investing.com - U.S. Federal Reserve Chairman Jerome Powell will testify in Congress against a background of renewed trade uncertainty after U.S. President Donald Trump dampened hopes for a breakthrough in the U.S.-China trade war. Meanwhile, the first public hearings in Trump’s impeachment inquiry get underway and investors will get the latest U.S. inflation figures and a look at U.S. oil stockpiles after the International Energy Agency said it expects global oil demand growth to slow from 2025. Here's what you need to know in financial markets on Wednesday, 13th November.
Based on the early price action, the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at .6840. Nine days down puts AUD/USD in window of time for closing price reversal bottom. Watch trader reaction to Tuesday’s close at .6841.
The RBNZ held rates steady, leading to a surge in the Kiwi, while the Greenback was under early pressure following Trump’s Tuesday speech…
Investing.com - The New Zealand dollar gained more than 1% on Wednesday in Asia after the country’s central bank unexpectedly left interest rates unchanged.
Skyworks (SWKS) delivered earnings and revenue surprises of 1.33% and 0.24%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
All eyes will be on President Trump Tuesday for U.S.-China trade war updates. Walmart, Nvidia, and others are set to report their quarterly earnings. And why Casey's General Stores (CASY) is a Zacks Rank 1 (Strong Buy) right now...
The Australian dollar went back and forth during the trading session on Tuesday, as we have reach down towards the 50 day EMA but then bounced a bit. Ultimately, this is a market that looks as if it is trying to catch its footing.
Investing.com - Skyworks (NASDAQ:SWKS) reported fourth quarter earnings that beat analysts' expectations on Tuesday and revenue that topped forecasts.
Here is a sneak peek into how three technology stocks, namely, Cisco, NetApp and Stratasys, are poised ahead of their upcoming earnings releases on Nov 13.
Cisco's (CSCO) first-quarter fiscal 2020 results are expected to reflect the robust adoption of security solutions despite headwinds pertaining to the U.S.-China trade war.
Based on the early price action, the direction of the AUD/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at .6850.