All three major US stock indexes were up in late-morning trading Thursday, as investors monitor news emanating from President Donald Trump's meeting with Chinese President Xi Jinping in Beijing.
In company news, Cisco Systems (CSCO) reported fiscal Q3 adjusted earnings late Wednesday of $1.06 per diluted share, up from $0.96 a year earlier and above the FactSet consensus analyst estimate of $1.03. Fiscal Q3 revenue was $15.8 billion, up from $14.1 billion a year ago and above the FactSet consensus of $15.6 billion. For fiscal Q4, Cisco said it expects Q4 adjusted EPS of $1.16 to $1.18 on revenue of $16.7 billion to $16.9 billion. Analysts polled by FactSet expect $1.08 and $15.8 billion, respectively. Cisco shares were up 15.0% around midday.
Alibaba (BABA) and JD.com (JD) are among the roughly 10 Chinese companies that have secured US clearance to buy Nvidia's (NVDA) H200 artificial intelligence chips, though no deliveries have been made yet, Reuters reported Thursday, citing three people familiar with the matter. Alibaba and JD shares were down 1.9% and 2.1%, respectively. Nvidia shares were up 4.6%.
Chinese President Xi Jinping told the chief executives of Apple (AAPL), Tesla (TSLA), Nvidia and other large companies that China will "open wider" to doing business, CNBC reported Thursday, citing a report from state-backed newspaper Xinhua. Apple shares were up 0.1%, while Tesla shares were up 0.8%.
Biogen (BIIB) said Thursday that a phase 2 study evaluating diranersen in patients with early Alzheimer's disease did not meet its primary endpoint evaluating dose response for change from baseline on the Clinical Dementia Rating-Sum of Boxes at Week 76. Biogen shares were down 5.0%.
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