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Cisco Systems

Cisco Systems

$CSCO
NASDAQTechnology

110 stories mentioning Cisco SystemsUpdated 2d ago

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Wire

Top Midday Stories: Rate-Hike Expectations Rise After August CPI Release; Oracle Shares Up Modestly After Strong Earnings Results

All three major US stock indexes were up in late-morning trading Friday, as oil prices fell and the latest inflation data matched expectations.The US seasonally adjusted consumer price index rose by 0.4% in August, as expected, and following a 0.1% increase in July, the Bureau of Labor Statistics said Friday. Core CPI, which excludes food and energy prices, rose by 0.3%, faster than the consensus estimate of a 0.2% gain and above July's 0.2% rise. The year-over-year rate for overall CPI stayed at 3.4%, while core CPI slowed to 2.4% from 2.5% the previous month. Following the release, traders priced in about a 90% chance the Federal Reserve's rate-setting committee hikes rates at its next meeting, Bloomberg reported.In company news, Oracle (ORCL) reported fiscal Q1 adjusted earnings late Thursday of $1.92 per diluted share, up from $1.47 a year earlier and above the FactSet consensus analyst estimate of $1.74. Fiscal Q1 revenue was $19.35 billion, up from $14.93 billion a year ago and above the FactSet consensus of $19.14 billion. For fiscal Q2, the company expects adjusted EPS of $1.85 to $1.93 and revenue growth of 30% to 34%. Analysts polled by FactSet expect EPS of $1.89. For full-year fiscal 2027, Oracle expects adjusted EPS of $8.10 on revenue of at least $90 billion, up from its previous guidance of adjusted EPS of $8.05. Analysts expect $8.07 EPS on revenue of $89.66 billion. Oracle shares were up 0.3% around midday.Microsoft (MSFT) intends to more than triple its global data center capacity to over 38 gigawatts in 2032, Bloomberg reported late Thursday, citing people familiar with the plans. Those plans could change as server farms take years to develop, while evolving customer preferences and new technology could reset current assumptions, according to the report.Separately, Microsoft-backed OpenAI is considering slowing development of advanced AI and hopes other AI companies do the same, Bloomberg reported Friday, citing people familiar with the matter. Lastly, OpenAI, Nvidia (NVDA), Oracle and Cisco (CSCO) are involved in a data center in the United Arab Emirates that will likely be revised following attacks by Iran, Reuters reported Friday, citing people familiar with the matter. Microsoft shares were up 0.4%, while Nvidia and Cisco shares were up 0.7% and 3.4%, respectively.Adobe (ADBE) reported fiscal Q3 adjusted EPS late Thursday of $6.13, up from $5.31 a year ago and above the FactSet consensus of $6.08. Fiscal Q3 revenue was $6.76 billion, up from $5.99 billion a year ago and above the FactSet consensus of $6.69 billion. For fiscal Q4, the company expects adjusted EPS of $6.30 to $6.35 on revenue of $6.80 billion to $6.85 billion. Analysts expect EPS of $6.31 on revenue of $6.84 billion. Adobe expects full-year adjusted EPS of $24.45 to $24.50 on revenue of $26.576 billion to $26.626 billion, up from its prior guidance of adjusted EPS of $24.35 to $24.45 on revenue of $26.5 billion to $26.6 billion. Analysts expect EPS of $24.42 on revenue of $26.539 billion. Adobe shares were down 0.4%.Kroger (KR) reported fiscal Q2 adjusted EPS Friday of $1.09, up from $1.04 a year earlier and above the FactSet consensus of $1.06. Fiscal Q2 sales were $34.62 billion, up from $33.94 billion a year ago but below the FactSet consensus of $34.64 billion. The company expects full-year identical sales, excluding fuel, to rise 0.2% to 0.8%, lower than its prior guidance of 1% to 2% growth. Kroger shares were up 2.3%.Price: $154.00, Change: $+1.06, Percent Change: +0.69%

$ADBE$CSCO$KR$MSFT$NVDA$ORCL
Ciena Lifts Fiscal 2026 Revenue Outlook as Third-Quarter Results Top Street Views
US Markets

Ciena Lifts Fiscal 2026 Revenue Outlook as Third-Quarter Results Top Street Views

Ciena (CIEN) raised its full-year revenue outlook on Thursday as the networking systems and software company reported better-than-expected fiscal third-quarter results.Revenue is anticipated to come in at $6.42 billion, plus or minus $50 million, for fiscal 2026, representing annual growth of 35% at the midpoint. The firm previously projected revenue of $6.2 billion to $6.4 billion, while the current consensus on FactSet is for sales of $6.34 billion.For the quarter ended Aug. 1, Ciena's adjusted earnings surged to $2.11 a share from $0.67 the year before, ahead of the Street's view of $1.73. Revenue climbed 37% to $1.67 billion, topping the average analyst estimate of $1.64 billion."Our record fiscal third-quarter results reflect Ciena's ability to deliver increasingly profitable growth while positioning for future opportunities," Chief Financial Officer Marc Graff said in a statement. "Our expanding supply capacity, strengthening business fundamentals, and increasing operating leverage set the stage to continue to accelerate earnings and deliver long-term value for customers and shareholders."Ciena shares gained 2.8% in the most recent premarket activity.In a client note late last month, B. Riley Securities said it expected Ciena to post a "modest beat-and-raise" in its quarterly results. The company could benefit from "multiple major structural tailwinds," including a customized data center out-of-band management deployment with Meta Platforms (META) that is "highly scalable," according to the brokerage.Ciena's networking platform segment recorded sales of $1.36 billion in the third quarter, up from $941.4 million in the prior-year period, amid growth in optical networking and routing and switching. The global services division saw revenue increase to $193.6 million from $160.2 million year over year.For the ongoing three-month period, the company expects revenue of $1.75 billion, plus or minus $50 million, while the Street is looking for $1.7 billion. Adjusted gross margin is pegged at 45%, plus or minus 50 basis points, compared with the 46.4% recorded in the previous quarter.Last month, Cisco Systems (CSCO) reported fiscal fourth-quarter services revenue below Wall Street's estimates, overshadowing what the networking equipment maker described as record results.

$CIEN$CSCO$META
Sectors

Sector Update: Tech Stocks Advance Premarket Tuesday

Technology stocks were advancing premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 2.5% higher.Cisco Systems (CSCO) shares were up more than 1% after the company launched its Sovereign Critical Infrastructure portfolio in Canada for government agencies and organizations operating critical infrastructure.CoreWeave (CRWV) said Rescale will expand its cloud ecosystem to CoreWeave Cloud to support artificial intelligence and simulation workloads for product development. CoreWeave stock was up more than 2% pre-bell.BlackBerry (BB) Chief Executive John Giamatteo told CNBC that Robotics is one of the fastest-growing businesses within its QNX software division. Shares of BlackBerry were up more than 1% premarket.

$BB$CRWV$CSCO$XLK$XSD
Sectors

Sector Update: Tech

Technology stocks were advancing premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 2.5% higher.Cisco Systems (CSCO) shares were up more than 1% after the company launched its Sovereign Critical Infrastructure portfolio in Canada for government agencies and organizations operating critical infrastructure.

$CSCO
Insider Trading

Cisco Systems Insider Sold Shares Worth $650,074, According to a Recent SEC Filing

Thimaya K. Subaiya, Executive Vice President, Operations, on August 19, 2026, sold 5,832 shares in Cisco Systems (CSCO) for $650,074. Following the Form 4 filing with the SEC, Subaiya has control over a total of 128,382 common shares of the company, with 128,382 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/858877/000201528726000017/xslF345X05/wk-form4_1787258920.xml

$CSCO
Insider Trading

Cisco Systems Insider Sold Shares Worth $310,390, According to a Recent SEC Filing

Oliver Tuszik, Executive Vice President, Global Sales, on August 14, 2026, sold 2,760 shares in Cisco Systems (CSCO) for $310,390. Following the Form 4 filing with the SEC, Tuszik has control over a total of 165,276 common shares of the company, with 165,276 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/858877/000085887726000127/xslF345X05/wk-form4_1787002031.xml

$CSCO
Insider Trading

Cisco Systems Insider Sold Shares Worth $799,928, According to a Recent SEC Filing

Jeetendra I Patel, President and Chief Product Officer, on August 14, 2026, sold 7,170 shares in Cisco Systems (CSCO) for $799,928. Following the Form 4 filing with the SEC, Patel has control over a total of 230,793 common shares of the company, with 230,593 shares held directly and 200 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/858877/000085887726000128/xslF345X05/wk-form4_1787002094.xml

$CSCO
Insider Trading

Cisco Systems Insider Sold Shares Worth $2,412,346, According to a Recent SEC Filing

Charles Robbins, Director, Chair, and CEO, on August 14, 2026, sold 21,628 shares in Cisco Systems (CSCO) for $2,412,346. Following the Form 4 filing with the SEC, Robbins has control over a total of 602,710 common shares of the company, with 602,710 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/858877/000085887726000124/xslF345X05/wk-form4_1787001786.xml

$CSCO
Asia Markets

US Equity Indexes Mixed This Week After Soft Inflation Prints, Slumping Retail Sales Set to Restrain Fed Policy Hawks

US equity indexes were mixed this week as easing inflation and a drop in retail sales boosted the odds for a monetary policy pause in September, while the Trump administration signaled a pivot toward maximum economic pain on Iran.* The S&P 500 closed at 7,785.76 on Friday versus 7,709.08 a week ago. The Nasdaq Composite stood at about 26,729.16, compared with 26,348.02 a week earlier, and the Dow Jones Industrial Average ended lower at 53,732.41, versus 53,885.02 at the end of last week.* Among firms with market capitalizations exceeding $200 billion each, three of the 10 worst performers were in the equal-weighted Dow, according to data compiled by Finviz. The leader among the Dow laggards was Cisco (CSCO), down 8% this week, as fiscal Q4 services revenue missed expectations and adjusted product margin declined.* Sandisk (SNDK) said it expects sales to grow in the mid-to-high teens from fiscal 2028 through fiscal 2030. Wells Fargo and RBC Capital Markets lifted price targets for the company. Shares soared 35% this week.* Across the three indexes, consumer cyclicals, basic materials, and communication services led underperformers while energy and technology topped the gainers.* Both headline and core consumer and wholesale price inflation rates declined from a year ago in July.* Retail sales slid unexpectedly in July, the most since May 2025, after rising in the previous month.* Following the inflation and retail sales data, the probability of the Federal Reserve extending its policy pause in September stood at 67% Friday, up from 55% a week ago, according to the CME FedWatch tool. The remaining 33% likelihood was for a 25-basis-point increase, down from 44% a week earlier.* Treasury Secretary Scott Bessent said the US plans to unveil measures on Iran next week that have "never been seen," CNN reported. US Secretary of Defense Pete Hegseth said the US can sustain its blockade against Iran "indefinitely," Al Jazeera, a Middle Eastern broadcaster, reported.

Dow JonesNasdaq CompositeS&P 500$CSCO
Wire

Cisco Systems Shares Fall After HSBC Downgrade

Cisco Systems (CSCO) shares fell 1.5% in Friday trading after HSBC downgraded the stock to hold from buy and lowered its price target to $120 from $137.Intraday volume topped 18 million shares, compared with the daily average of 24.7 million.Price: $111.76, Change: $-1.71, Percent Change: -1.51%

$CSCO
Research

HSBC Downgrades Cisco Systems to Hold From Buy, Adjusts Price Target to $120 From $137

Cisco Systems (CSCO) has an average rating of overweight and mean price target of $138.71, according to analysts polled by FactSet.

$CSCO
Asia Markets

Update: US Equity Indexes Rise After Soft Wholesale Price Inflation Print Boosts Odds of Fed Policy-Pause Extension

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes rose, with the S&P 500 breaking records amid gains in growth sectors, after a soft producer price inflation report raised the likelihood of a sixth straight monetary policy pause in September.The Nasdaq Composite rose 0.8% to 26,803.03, and the S&P 500 climbed 0.7% to 7,798.99 on Thursday. The Dow Jones Industrial Average edged up 0.1% to 53,839.99, clawing out of intraday declines. The S&P 500 hit 7,816.70, its highest intraday level ever.Communication services and technology were among the top gainers, while materials led decliners.Among companies with market capitalizations exceeding $200 billion each, eight of the top 10 by returns were in the technology sector Thursday, according to data compiled by Finviz. Sandisk (SNDK), which led the pack with a 14% surge, said it expects revenue to grow in the mid-to-high teens over fiscal 2028 through fiscal 2030.Cisco slumped 8.4%, one of the worst performers in the Dow, the S&P 500 and the Nasdaq. The tech giant reported flat fiscal Q4 services revenue at $3.79 billion, missing the FactSet-polled consensus of $3.81 billion. On a non-GAAP basis, product gross margin fell to 64.8% from 67.5% a year ago, weighing on total gross margin.The Producer Price Index held steady in July, following a 0.1% decrease in June, versus the 0.2% gain expected in a Bloomberg-compiled survey. Energy prices fell by 3.1% in the month amid a 9.8% slide in natural gas liquids, a 6.7% slump in diesel fuel, and a 5.7% drop in gasoline prices. Excluding food and energy, core PPI climbed 0.2%, still below the 0.3% gain anticipated and a 0.4% increase in June.Annually, PPI was up 4.7% in July, and core PPI increased by 4.2%, both slowing from June.The producer prices data does potentially mitigate "the sense of urgency for the Fed to firm its policy stance, at least in the nearer term, particularly in the aftermath of a weaker-than-expected July employment report," Lindsey Piegza, Stifel's Chief Economist, said in a research note.Richmond Federal Reserve President Tom Barkin (non-voter) said uncertainty remains regarding the path of inflation and whether rate increases will be needed to bring it down to the 2% goal or if it will slow on its own.US Treasury yields fell, with the 10-year yield down 4.3 basis points to 4.65%. The two-year yield dropped five basis points to 4.15%.The probability of the Federal Reserve extending its policy pause to September climbed to 65% late Thursday, from 59% a day ago and 45% a week earlier, according to the CME FedWatch tool.Meanwhile, the front-month US West Texas Intermediate crude oil contract dropped 2.6% to $81.08 per barrel, and global benchmark North Sea Brent declined 2.4% to $86.89 per barrel as traders weighed a downbeat demand-supply dynamic and a continuing stalemate in the Iran war.US commercial crude oil inventories increased by a staggering 17.4 million barrels in the week ended Aug. 7, the Energy Information Administration said in its weekly report on Wednesday. On the same day, the International Energy Agency projected global demand to contract by 1.6 million barrels per day this year, steeper than the 1 million b/d drop seen in July.US Secretary of Defense Pete Hegseth said that the military, by rotating its aircraft carriers, can maintain its blockade on Iran "indefinitely," Al Jazeera, a Middle Eastern broadcaster, reported. President Donald Trump and his top officials are returning to a playbook of relying on a steady increase in economic sanctions and a naval blockade to stifle Iran's oil exports, Bloomberg reported.This comes as Iran's military rejected US claims that vessels are passing through the Strait of Hormuz, saying no ship can pass without its permission, the Al Jazeera report said.

Dow JonesNasdaq CompositeS&P 500$CSCO$SNDK
Update: S&P 500 Rises to Record as Producer Inflation Cools
US Markets

Update: S&P 500 Rises to Record as Producer Inflation Cools

(Updates with market moves after the close.)The S&P 500 rose to a record on Thursday as traders digested another tame inflation report.The index gained 0.7% to settle at 7,798.99 after reaching an all-time intraday high of 7,816.7. The Nasdaq Composite climbed 0.8% to 26,803.03, and the Dow Jones Industrial Average edged up 0.1% to 53,839.99.Most sectors ended higher, led by communication services, while materials posted the steepest drop.US producer prices held steady in July, defying expectations for a monthly rise, as energy costs continued to decline, Bureau of Labor Statistics data showed. The report follows Wednesday's benign consumer inflation numbers that further lowered bets for a Federal Reserve interest-rate increase next month."While prices are still rising and inflation remains well above the (Federal Open Market) Committee's 2% target, the slightly slower pace of increase underscores hope earlier pressures from a global energy shock are already easing," Stifel said in a report. "This won't necessarily remove, but it does potentially mitigate, the sense of urgency for the Fed to firm its policy stance, at least in the nearer term, particularly in the aftermath of a weaker-than-expected July employment report."As of Thursday, markets are pricing in a 65% probability that the Fed will keep its benchmark rate steady next month, compared with 59% on Wednesday, according to the CME FedWatch tool. The odds that the US central bank will lift rates by 25 basis points fell to 35% from 41%.Richmond Fed President Tom Barkin offered contrasting views on the inflation outlook on Thursday, saying it's unclear whether the central bank should boost rates to guide inflation back to its 2% target.US Treasury yields were lower, with the 10-year yield down 4.3 basis points at 4.65% and the two-year yield falling five basis points to 4.15%.West Texas Intermediate crude dropped 2.4% to $81.27 a barrel in late-afternoon trading, while Brent shed 2.2% to $87.02.In a social media post on Wednesday, President Donald Trump said the US has "total control" over the Strait of Hormuz.Iranian officials reportedly said earlier in the week that Hormuz, a key chokepoint for crude flows, will remain closed as long as the US does not accept Tehran's conditions, including a permanent end to the conflict and compensation for war damages.In company news, Sandisk (SNDK) shares jumped 14%, the second-largest gain on the S&P, after the semiconductor company said it expects revenue to grow at a mid-to-high-teens rate from fiscal 2028 through fiscal 2030.Workday (WDAY) shares surged 18%, the top gainer on the S&P. The company is in talks to be acquired by private equity firm Silver Lake, Reuters reported, citing people familiar with the matter.Cisco Systems (CSCO) shares slumped 8.4%, the biggest drop on the Dow, a day after the networking equipment maker reported a decline in adjusted gross margin.Tapestry (TPR) shares tumbled 16%, the steepest fall on the S&P. The company provided a full-year outlook below Wall Street's estimates at the midpoint.Spot gold fell 1.4% to $4,348.92 per troy ounce, while silver lost 1.8% to $64.54 per ounce.

Dow JonesNasdaq CompositeS&P 500$CSCO$SNDK$TPR$WDAY
Sectors

Sector Update: Tech Stocks Mixed Late Afternoon

Tech stocks were mixed late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.3%.The Philadelphia Semiconductor index added 1.2%.In corporate news, Amazon-backed (AMZN) Anthropic Chief Financial Officer Krishna Rao is leading early meetings with prospective investors ahead of a potential initial public offering, CNBC reported. The talks have been high-level but have not included discussions about Anthropic's valuation or other specific financials, the report said. Amazon shares were down 0.5%.Cisco (CSCO) shares dropped 9.3% after its fiscal Q4 services revenue missed Wall Street's estimates, overshadowing what the networking equipment maker described as record results.Cerebras Systems (CBRS) shares fell past 12% after the firm swung to a Q2 loss, although core revenue more than doubled year over year and topped market estimates amid cloud growth.Sandisk (SNDK) shares jumped 14% after it said it expects revenue to grow at a mid-to-high-teens rate from fiscal 2028 through fiscal 2030.

$AMZN$CBRS$CSCO$SNDK
Wire

Cisco Systems' Fiscal 2027 Revenue Outlook Seen As Conservative, UBS Says

Cisco Systems (CSCO) initial fiscal 2027 revenue outlook appears conservative, with UBS's analysis of orders and backlog suggesting the implied second-half growth rate could be understated by at least 5 percentage points.The company raised its fiscal 2027 AI revenue outlook to $7.5 billion from $6 billion, while trailing 12-month AI orders reached $9.3 billion. UBS said in a Wednesday note that the AI revenue outlook is appropriately conservative given the level of orders and only $4 billion of AI revenue recognized in fiscal 2026.UBS said Cisco's product orders grew 35% year over year, led by a 95% increase in Service Provider/Cloud orders and a roughly 20% increase in Campus orders. AI infrastructure orders were about $4 billion in the quarter, above the $3.7 billion implied by the prior guidance, according to the note.The investment firm raised its fiscal 2027 EPS estimate to $5.09 from $4.81 and fiscal 2028 to $5.78 from $5.63. It said gross margins could come under pressure in fiscal 2027 as AI and non-AI backlog converts to revenue, but expects operating margin to expand to roughly 35%, driving profit growth slightly above revenue growth.UBS raised its price target on the company's stock to $138 from $132, with a buy rating.Shares of Cisco Systems were down 9.5% in Thursday trading.Price: $112.09, Change: $-11.80, Percent Change: -9.52%

$CSCO
Wire

Top Midday Decliners

Cellebrite DI (CLBT) shares sank 33% amid heavy trading after the company reported Thursday a decline in Q2 non-GAAP earnings and set out its Q3 revenue outlook below analysts' expectations.More than 27.7 million shares of the company traded intraday compared with a daily average of about 2 million.Bending Spoons (BSP) reported full-year revenue guidance below market expectations, taking the shine off Q2 adjusted earnings and sales growth.Shares declined 20%, with intraday trading volume rising to over 3.34 million from a daily average of about 3.32 million.Cisco (CSCO) reported overnight a flat fiscal Q4 services revenue at $3.79 billion, missing the FactSet-polled consensus of $3.81 billion. On a non-GAAP basis, product gross margin fell to 64.8% from 67.5% a year ago, weighing on total gross margin.Shares slumped 9.5% as intraday trading volume catapulted to over 42.6 million from a daily average of about 24.9 million.Price: $10.21, Change: $-5.05, Percent Change: -33.08%

$BSP$CLBT$CSCO
Asia Markets

Update: US Equity Indexes Mixed as Soft Wholesale Inflation Boosts Odds for Continuing Fed Policy Pause

(Updates with index/price moves and macroeconomic data from the first paragraph.)US equity indexes traded mixed after a weak producer price inflation print lifted bets for a sixth straight monetary policy pause, while declining crude oil prices reflected demand pessimism.The Nasdaq Composite rose 0.8% to 26,800.4, and the S&P 500 climbed 0.6% to 7,795.6 after midday Thursday. The Dow Jones Industrial Average fell by less than 0.1% to 53,761.2 as a sharp sell-off in Cisco (CSCO) weighed on the equal-weighted index. Real estate, technology and communication services topped the gainers, while materials led decliners.Cisco slumped 8.5%, one of the worst performers in the Dow, the S&P 500 and the Nasdaq. The tech giant reported flat fiscal Q4 services revenue at $3.79 billion, missing the FactSet-polled consensus of $3.81 billion. On a non-GAAP basis, product gross margin fell to 64.8% from 67.5% a year ago, weighing on total gross margin.The Producer Price Index held steady in July, following a 0.1% decrease in June, versus the 0.2% gain expected in a Bloomberg-compiled survey, amid sliding energy and food prices. Energy prices fell by 3.1% in the month, with a 9.8% slide in natural gas liquids, a 6.7% slump in diesel fuel, and a 5.7% drop in gasoline prices. Excluding food and energy, core PPI climbed 0.2%, below the 0.3% gain anticipated and a 0.4% increase in June.Annually, PPI was up 4.7% in July, and core PPI increased by 4.2%, both slowing from June.The probability of the Federal Reserve extending its policy pause to September jumped to 66% on Thursday, from 59% a day ago and 45% a week earlier, according to the CME FedWatch tool.US Treasury yields fell, with the 10-year yield down 4.7 basis points to 4.65% and the two-year lower by 4.8 basis points to 4.15%.Among companies with market capitalizations exceeding $200 billion each, nine of the top 10 by returns were in the technology sector after midday Thursday, according to data compiled by Finviz. Of those nine firms, seven were related to the semiconductor industry. Sandisk (SNDK) was the leader of the pack, up 16%. Sandisk said it expects revenue growth in the mid-to-high-teens from fiscal 2028 through fiscal 2030.The front-month US West Texas Intermediate crude oil contract dropped 1.6% to $81.97 per barrel, and global benchmark North Sea Brent declined 1.4% to $87.76 per barrel as traders weighed a downbeat demand-supply dynamic and a continuing stalemate in the Iran war.US commercial crude oil inventories increased by a staggering 17.4 million barrels in the week ended Aug. 7, the Energy Information Administration said in its weekly report on Wednesday. On the same day, the International Energy Agency projected global demand to contract by 1.6 million barrels per day this year, steeper than the 1 million b/d drop seen last month.The Strait of Hormuz is "under Iran's control and management," the recently appointed head of Iran's Basij paramilitary unit said Thursday, a day after US President Donald Trump said the US had "total control" of the waterway, Reuters reported.Gold futures slid 0.9% to $4,428.7, and silver futures fell 0.9% to $65.10.

Dow JonesNasdaq CompositeS&P 500$CSCO$SNDK
Update: Equity Markets Mostly Higher Intraday Following Wholesale Inflation Report
US Markets

Update: Equity Markets Mostly Higher Intraday Following Wholesale Inflation Report

(Updates with latest market prices and developments.)US benchmark equity indexes were mostly higher intraday following another benign inflation report.The Nasdaq Composite was up 0.8% at 26,796.98 after midday Thursday, while the S&P 500 rose 0.6% to 7,795.4. The Dow Jones Industrial Average was little changed at 53,748.2. Among sectors, technology paced the gainers, while materials led the laggards.US producer prices held steady in July, defying expectations for a monthly rise, as energy costs continued to decline, Bureau of Labor Statistics data showed. The report follows Wednesday's tame consumer inflation numbers that further lowered bets for a Federal Reserve interest rate hike next month."While prices are still rising and inflation remains well above the (Federal Open Market) Committee's 2% target, the slightly slower pace of increase underscores hope earlier pressures from a global energy shock are already easing," Stifel said in a report e-mailed to. "This won't necessarily remove, but it does potentially mitigate, the sense of urgency for the Fed to firm its policy stance, at least in the nearer term, particularly in the aftermath of a weaker-than-expected July employment report."As of Thursday, markets are pricing in a 66% probability that the Fed will keep its benchmark rate steady next month, compared with 59% on Wednesday, according to the CME FedWatch tool. The odds that the US central bank will hike by 25 basis points fell to 34% from 41%.Richmond Fed President Tom Barkin offered contrasting views on the inflation outlook on Thursday, saying its unclear whether the central bank should hike interest rates to guide inflation back to its 2% target.US Treasury yields were lower intraday, with the 10-year yield down 4.5 basis points at 4.65% and the two-year yield falling five basis points to 4.15%.West Texas Intermediate crude oil declined 1.6% to $81.91 a barrel intraday, while Brent shed 1.5% to $87.69.In a social media post on Wednesday, President Donald Trump said the US has "total control" over the Strait of Hormuz.Iranian officials reportedly said earlier in the week that the Strait of Hormuz, a key chokepoint for crude flows, will remain closed as long as the US does not accept Tehran's conditions, including a permanent end to the conflict and compensation for war damages.In company news, Sandisk (SNDK) shares jumped 16% intraday, the best performer on the S&P 500, after the semiconductor company said it expects revenue to grow at a mid-to-high-teens rate from fiscal 2028 through fiscal 2030.Cisco Systems (CSCO) slumped 8.6%, the worst performer on the Dow and the second-biggest decline on the S&P 500. Late Wednesday, the networking equipment maker reported better-than-expected fiscal fourth-quarter results. However, adjusted gross margin declined on a yearly basis.Tapestry (TPR) slid 15%, the steepest drop on the S&P 500. The company provided a full-year outlook below Wall Street's estimates at the midpoint.Applied Materials (AMAT) is scheduled to release its quarterly results after the markets close on Thursday.Spot gold fell 0.9% to $4,366.85 per troy ounce, while silver lost 1.2% to $64.94 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$CSCO$SNDK$TPR
Sectors

Sector Update: Tech Stocks Gain Thursday Afternoon

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.6%.The Philadelphia Semiconductor index climbed up 2.3%.In corporate news, Advanced Micro Devices (AMD) plans to raise as much as $5 billion from an investment-grade bond sale, Bloomberg reported. AMD shares were up 2.3%.Larsen & Toubro has secured an order worth up to 150 billion Indian rupees ($1.57 billion) to deploy an Nvidia (NVDA) B300 AI Factory for Together AI at its Chennai data center campus, the firm said Thursday. Separately, Nebius (NBIS) has signed an agreement with Vantage Data Centers to deploy AI infrastructure powered by Nvidia at Vantage's CWL1 data center campus in Wales, the companies said Thursday. Nvidia shares rose 0.7%.Cisco (CSCO) shares dropped 8.6% after its fiscal Q4 services revenue missed Wall Street's estimates, overshadowing what the networking equipment maker described as record results.Cerebras Systems (CBRS) shares fell 12% after the firm swung to a Q2 loss, although core revenue more than doubled year over year and topped market estimates amid cloud growth.

$AMD$CBRS$CSCO$NVDA
Cisco Gross Margin Seen Pressured Into Fiscal 2027 Amid Faster Hardware Mix, Morgan Stanley Says
US Markets

Cisco Gross Margin Seen Pressured Into Fiscal 2027 Amid Faster Hardware Mix, Morgan Stanley Says

Cisco Systems' (CSCO) gross margin is likely to face further pressure from faster hardware mix into its new fiscal year, though the company is seeing broad-based strength across its core enterprise business and hyperscaler artificial intelligence infrastructure, Morgan Stanley said in a note e-mailed Thursday.Late Wednesday, the networking equipment maker reported better-than-expected fiscal fourth-quarter results. Adjusted gross margin fell to 66.3% from 68.4% a year earlier. For the ongoing quarter, the company expects non-GAAP gross margin between 65% and 66%."(Cisco) is seeing broad-based strength across core enterprise and hyperscaler AI, with improving share momentum, as the company is facing fewer supply-chain challenges," Morgan Stanley said in a note to clients. "Faster hardware mix is expanding (gross margin) pressure into (2027), but incrementals on AI business remain high."Gross margin was a "clear point of friction" heading into the fourth-quarter print, with most investors expecting the period to be the "margin trough," according to the note. However, the first-quarter guidance suggests that mix pressure will persist as stronger hardware growth flows through the company's model, the brokerage said.Cisco shares were down 9.4% in Thursday afternoon trade. So far in 2026, the stock has gained nearly 46% in value.Morgan Stanley sees pressure on gross margin to increase in the second quarter and remain for much of the ongoing fiscal year, with overall margins contracting to about 64%. However, the brokerage expects "disciplined" operating expenditures and strong operating leverage to help offset lower gross margins from accelerated hardware shipments.Morgan Stanley raised its price target on the company's stock to $135 from $130."We remain (overweight) on (Cisco) as we see it as a low-volatility way to get exposure to AI, and one of the best ways to position for enterprise investment in AI, particularly on-premise investment," the brokerage wrote. "While (gross margin) pressure weighs on follow-through on demand upside, (we) still see risk-reward balanced more positively in the near term."Cisco's core business, excluding hyperscalers, is expected to grow 10% in fiscal 2027, while hyperscaler AI infrastructure revenue is pegged to reach $7.5 billion, representing a roughly 90% year-over-year growth, according to Morgan Stanley.Price: $112.29, Change: $-11.59, Percent Change: -9.36%

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