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Cisco Stock Crashes 17% After Disappointing Outlook
Following the company's third-quarter financial statement, the shares of Cisco stumbled by roughly 17% in the after-hours period on Wednesday. While the $0.87 earnings per share beat the $0.86 consensus projection, the revenue of $12.8 million (year-over-year) fell short of the $13.34 million average estimations.
Year over year, product orders jumped 8%. Total Annualized Recurring Revenue (ARR) increased by 11% to $22.4 billion year-on-year. Earnings per share for the fourth quarter of 2022 are in the range of $0.76-$0.84, down from the consensus of $0.92.
MACROECONOMIC DATA ANALYSIS
Chairman Paul Achleitner will quit Deutsche Bank, after a tumultuous decade in which Germany's largest lender lost billions and saw its stock value plunge. If everything goes according to plan at Deutsch’s annual general meeting on Thursday, Alexander Wynaendts, a former insurance executive from the Netherlands, will be elected to replace Achleitner.
New Zealand's government announced that it shall spend over NZ$1 billion ($630 million) to aid citizens in coping with New Zealand’s three-decade-high inflation. The government said in its annual budget release that the public deficit for the current fiscal year, which culminates on June 30, will be narrower than previously anticipated, but that returning to surplus will take longer than expected.
CURRENCIES
On Thursday morning, the U.S. dollar traded lower. After the previous session's large gains, safe-haven currencies stalled. However, fears are mounting that the U.S. Federal Reserve and other global central banks' stricter monetary policies would oppress economic growth. The U.S. dollar index, which measures the value of the greenback against a basket of other currencies, dropped 0.08% to 103.780.
GOLD
Gold was down in Thursday’s early hours, amid higher Treasury yields dragging on the greenback-priced commodity, which has already been adversely impacted by the U.S. Federal Reserve's sturdy stance on inflation. The bullion, which typically moves inversely to the dollar greenback, has slipped 0.13% to $1,813 per ounce.
OIL
Oil prices gained on Thursday’s early trading session, bouncing back from early losses on hopes that planned restriction relaxations in Shanghai would boost demand, although persisting concerns about tight global supply outweighed fears of slowing economic growth. Brent futures edged higher by 1.33% to $110.56 a barrel, and WTI oil futures rose by 0.88% to $108.00 per barrel.
INDICES
USA: S&P500 -4.04%, Dow Jones Industrial Average -3.57%, Nasdaq Composite -5.06%
Europe: FTSE 100 -1.07%, DAX -1.26%, CAC 40 -1.20%
Asia: Nikkei 225 -1.89%, Hang Seng -2.40%, CSI 300 +0.06%, Nifty 50 -2.28%
Newest
Tim Cook, the CEO of Apple, has provided the closest thing to a confirmation that the company is developing a headset.
In a recent interview with China Daily USA, Cook was questioned about what, in his opinion, are the essential elements for augmented reality, or AR, to be successful in the consumer market.
“I am incredibly excited about AR as you might know. And the critical thing to any technology, including AR, is putting humanity at the center of it,” he said, echoing comments he’s made in the past about how important AR is to the company.
Meta, Microsoft, and other tech titans racing to build the emerging metaverse concept have formed a group to encourage the development of industry standards that will make the companies' nascent digital worlds compatible with one another.
The World Wide Web Consortium (W3C), as well as other well-known standards-setting organizations, are among the participants in the Metaverse Standards Forum, according to a statement released by the group on Tuesday announcing its formation.
