Cisco Systems is preparing to lay off about 1,300 workers, just a few months after the world's largest maker of computer networking equipment warned that growing economic uncertainty is making it tougher to close sales.
U.S. stock futures are higher with the government reporting that weekly jobless claims edged downward last week, suggesting that employers may accelerate hiring this month.
Last year, 24/7 Wall St. put together a list of CEOs who need to retire, basing its judgment on quarterly earnings, stock price, and innovation. Now, with most large public companies having reported their second quarter results, 24/7 is back with a list of nine CEOs who are performing so poorly that they ought to be removed immediately. Read on to find out who, and why.
Despite the pounding Cisco took after recently lowering its guidance, many analysts still rate the stock a buy. Says one: It dominance is "so compelling, that you can surely expect to be amply rewarded."
Earnings season gave a lift to stocks, but now the market is focused again on the global economy and U.S. macroeconomic issues. But even in a market like this one that's stuck in a trading range, investors can find ways to profit. [With video]
Tech giant Cisco Systems reported a 79% increase in earnings but the company's revenue fell short of analyst expectations, causing investors to push the stock down over 5% after hours. Cisco's tepid results suggest that technology spending isn't growing as fast as investors had hoped.
Cisco's positive earnings reflected a broader good news story among technology companies, which seem to be enjoying a recovery. During the second quarter, the networking gear maker's revenue climbed to $9.8 billion -- up 8% from the year-ago quarter. But will the tech rebound last?
Cisco is expected to report positive sales growth, buoyed by growing confidence in its core customer base of businesses and governments. The networking gear maker's performance serves as a bellwether of spending on costly information technology infrastructure.
