Today is Thursday, February 15, 2024.

The Early Bird Index today is 69.17.

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Cisco's Workforce Reduction

Despite posting better-than-expected financial results, the tech giant Cisco Systems (Nasdaq: CSCO) dropped 5.27% in after-hours trading on Wednesday.

Financials: Cisco reported earnings of 87 cents per share in the past quarter and revenue of $12.8 billion; both were better than expected.

Powering the Story: The company anticipates that revenue for the full year will be between $51.5 billion to $52.5 billion, which is lower than expected. To add insult to injury, Cisco announced a cost-cutting plan to lay off 5% of its workforce. That layoff will impact over 4,000 employees.

Final Thoughts: Expectations were already low for Cisco, and the company still managed to disappoint. Cisco’s stock is up just 3% in the last 12 months.

Notables

Notable Earnings Today: Coinbase Global (Nasdaq: COIN), DraftKings (Nasdaq: DKNG), Crocs (Nasdaq: CROX), DoorDash (Nasdaq: DASH), Deere (NYSE: DE), Roku (Nasdaq: ROKU), Hyatt Hotels (NYSE: H), Shake Shack (NYSE: SHAK), Laboratory Corp (NYSE: LH), Hanesbrands (NYSE: HBI), Yelp (NYSE: YELP), The Trade Desk (Nasdaq: TTD), BJ Restaurants (Nasdaq: BJRI), PENN Entertainment (Nasdaq: PENN), Applied Materials (Nasdaq: AMAT), Wendy's (Nasdaq: WEN), Toast (NYSE: TOST), YETI Holdings (NYSE: YETI), InterDigital (Nasdaq: IDCC), Agnico-Eagle Mines (NYSE: AEM), Alkermes (Nasdaq: ALKS), Bloom Energy (NYSE: BE), CBRE Group (NYSE: CBRE), Cohu (Nasdaq: COHU), Con Edison (NYSE: ED) Digital Realty Trust (NYSE: DLR), Dropbox (Nasdaq: DBX), EPAM Systems (NYSE: EPAM), Genuine Parts (NYSE: GPC), Globant (NYSE: GLOB), Hannon Armstrong Sustainable Infrastructure Capital (NYSE: HASI), IdaCorp (NYSE: IDA), Ingersoll-Rand (NYSE: IR), Insight Enterprises (Nasdaq: NSIT), Ironwood Pharma (Nasdaq: IRWD), Lincoln Electric (Nasdaq: LECO), LTC Properties (NYSE: LTC), LXP Industrial Trust (NYSE: LXP), Mercer International (Nasdaq: MERC), Oatly (Nasdaq: OTLY), OpenDoor Technologies (Nasdaq: OPEN), Organon (NYSE: OGN), PBF Energy (NYSE: PBF), Reliance Steel (NYS: RS), Sabre (Nasdaq: SABR), SharkNinja (NYSE: SN), ShockWave Medical (Nasdaq: SWAV), SunPower (Nasdaq: SPWR), Tanger Factory (NYSE: SKT), Texas Roadhouse (Nasdaq: TXRH), TriNet Group (NYSE: TNET), US Foods (NYSE: USFD), Vontier (NYSE: VNT), Walker & Dunlop (NYSE: WD), West Fraser (NYSE: WFG), Zebra Technologies (Nasdaq: ZBRA).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Breshna.io (Republic), Orange County SC (Republic).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Retail Sales / Core Retail Sales (8:30 a.m. ET), Philadelphia Fed Manufacturing Index (8:30 a.m ET), Import Price Index (8:30 a.m. ET), Export Price Index (8:30 a.m. ET). NY Empire State Manufacturing Index (8:30 a.m. ET), Philly Fed Employment (8:30 a.m. ET), Retail Sales (8:30 a.m. ET), Industrial Production (9:15 a.m. ET), Business Inventories (10:00 a.m. ET), Retail Inventories (10:00 a.m. ET), Atlanta Fed GDPNow (1:00 p.m. ET), TIC Net Long-Term Transactions (4:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Twilio's "Operational Review"

Good financial results couldn’t save the tech company Twilio (NYSE: TWLO), which fell 10.39% in after-hours trading on Wednesday due to weaker guidance.

Details: Twilio also announced that it is “undergoing an operational review” of Segment, the customer data platform it acquired in 2020.

Final Thoughts: While Twilio is up 9% in the last 12 months, the company needs to improve. Reviewing the Segment business is a good start.

Dogecoin Jumps on Anniversary

Dogecoin jumped 7% on Wednesday, the day after the 14th anniversary of the popular cryptocurrency.

Final Thoughts: Dogecoin is down 6% in 2024. It’s no longer as popular as it was years ago.

Trends to Watch

Traveling Well: Tripadvisor shares gain 6% as Q4 results exceed estimates (MarketWatch)

Chipping Away at the Top: Nvidia passes Alphabet in market cap and is now the third most valuable U.S. company (CNBC)

Meme Winner: Solana memecoin BONK spikes 7% after proposed ‘learn’ deal with Revolut (Cointelegraph)

The Oracle of Omaha: Warren Buffett’s Berkshire Hathaway Trims Its Massive Stake in Apple (Wall Street Journal)

Can’t Drive: US Porsche, Bentley and Audi imports held up over banned Chinese part (Financial Times)

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