Cisco Brags About "Key Areas"

Today is Thursday, August 17, 2023.

The Early Bird Index today is 56.21.

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Cisco Brags About "Key Areas"

Cisco Systems (Nasdaq: CSCO) increased by 2.1% in after-hours trading on Wednesday after the technology company posted good financial results.

Financials: Cisco reported earnings of $1.14 per share in the past quarter and revenue of $15.2 billion; both were better than expected.

Details: Revenue increased 16% year-over-year and earnings per share is up by 37%.

Quote: “We are seeing solid customer demand, gaining market share, and innovating in key areas like AI, security, and cloud.” - Chuck Robbins, chair and CEO of Cisco.

Yes, But: Cisco’s future guidance was mixed. The company expects revenue to be between $57 billion to $58.2 billion for the full year, but that was below estimates.

Stock Price: Cisco is up 10% this year, including a 4% increase in the last 30 days.

Final Thoughts: Cisco has done a nice job meeting tech demand in 2023, but the future is uncertain. If tech demand slows, how will Cisco keep up? Cisco is still lagging behind other tech stocks in 2023.


Notable Earnings Today: Walmart (NYSE: WMT), Applied Materials (Nasdaq: AMAT), Ross Stores (Nasdaq: ROST), Dole (NYSE: DOLE), Keysight Technologies (NYSE: KEYS), Bilibili (Nasdaq: BILI), Tapestry (NYSE: TPR), Lumentum (Nasdaq: LITE), Farfetch (NYSE: FTCH), LSI Industries (Nasdaq: LYTS), Bill Holdings (NYSE: BILL), Arcos Dorados (NYSE: ARCO), Globant (NYSE: GLOB), Nano-X Imaging (Nasdaq: NNOX), group (Nasdaq: GAMB).

Notable IPOs Today: Sezzle Inc. Common Stock (Nasdq: SEZL), Bowen Acquisition Corp Ordinary Shares (Nasdaq: BOWN), Great Elm Capital Corp. 8.75% Notes due 2028 (Nasdaq: GECCZ), Longeveron Inc. Subscription Right When Issued (Nasdaq: LGVNV).

Notable Equity Crowdfunding Campaigns Ending Today: That Hawaiian Guy's BBQ (Honeycomb), Hawaiian Bros (StartEngine), ZakiBox (StartEngine), Donisima (SMBX), Azure Printed Homes (Republic).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Philadelphia Fed Manufacturing Index (8:30 a.m. ET), Philly Fed Employment (8:30 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Litecoin Still Hasn't Recovered

Photo by Kanchanara / Unsplash

Litecoin fell 5% on Wednesday, lower than most cryptos, and it is part of a bad trend for the digital currency.

Details: Litecoin had a long-anticipated halving event on August 2, which rewarded miners. The price of Litecoin surged in anticipation of the event. Since then, the price of Litecoin has dropped about 20%.

Final Thoughts: Currently, Litecoin's price is still positive for 2023. However, it has also lost all of the gains in price since June. When will Litecoin recover from this current selloff? There’s no way to know.

Report: Paramount Won’t Sell BET Stake

It turns out that Paramount Global (Nasdaq: Global) won’t be selling a majority stake in BET Media Group.

Details: According to the Wall Street Journal, Paramount decided that selling a majority stake in BET Media Group wouldn’t result in any meaningful deleveraging. The company did not comment on the report.

Final Thoughts: Paramount, down 12% this year, previously considered selling a stake in BET Media Group. It’s been a tough year for media companies.

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