Cisco Shares Lower on Quarterly Results

Cisco Shares Lower on Quarterly Results. Cisco Systems (CSCO) reported their FQ2 earnings with mixed results.  The company reported EPS of $0.47 beating Wall Street estimates by +$0.01. But net profit at the company declined 55% to $1.4B after the company took a $655M charge due to memory-chip problems. Adjusted revenue fell 7.4% to $11.2B. The company also forecast that sales would decline another 6-8% in FQ3. Pre-market: 22.06 -0.79 (-3.46%)

Upgrades:

Children’s Place (PLCE): Piper Jaffray raised their rating from Neutral to Overweight and raised their target price from $54.00 to $62.00.

Forward Air (FWRD): Stephens raised their rating from Equal Weight to Overweight and raised their target price from $40.00 to $55.00.

NVIDIA (NVDA): B. Riley raised their rating from Neutral to Buy and raised their target price from $14.00 to $21.00. Pre-market: 17.45 +0.62 (3.68%)

Downgrades:

Angie’s List (ANGI): Stifel lowered their rating from Buy to Hold. Pre-market: 13.72 -3.38 (-19.77%)

Angie’s List (ANGI): Raymond James lowered their rating from Strong Buy to Market Perform. Pre-market: 13.72 -3.38 (-19.77%)

Coverage Initiated:

Constellation Brands (STZ): Citigroup initiated coverage with a Neutral rating and target price of $80.00.

Equifax (EFX): Wells Fargo initiated coverage with a Market Perform rating and target range of $69.00 - $76.00.

Moody’s (MCO): Wells Fargo initiated coverage with a Market Perform rating and target range of $78.00 - $87.00.

Sempra Energy (SRE): Wells Fargo initiated coverage with a Outperform rating and target range of $99.00 - $102.00.

Earning Reports:

Burger King (BKW): Reported EPS of $0.24 beating estimates by +$0.01. Pre-market: 25.51 +0.03 (0.12%)

Cabela’s (CAB): Reported EPS of $1.32 missing estimates by -$0.09. Pre-market: 63.57 -6.24 (-8.94%)

Cisco Systems (CSCO): Reported EPS of $0.47 beating estimates by +$0.01. Pre-market: 22.06 -0.79 (-3.46%)

Goodyear Tire (GT): Reported EPS of $0.74 beating estimates by +$0.11. Pre-market: 25.00 +0.83 (3.43%)

Molson Coors Brewing (TAP): Reported EPS of $0.68 missing estimates by -$0.04.

PepsiCo (PEP): Reported EPS of $1.05 beating estimates by +$0.04. Pre-market: 81.00 -0.49 (-0.60%)

Sonoco Products (SON): Reported EPS of $0.58 in-line with estimates.

TreeHouse Foods (THS): Reported EPS of $0.98 beating estimates by +$0.07.

Zilliow (Z): Reported EPS of $0.19 beating estimates by +$0.12. Pre-market: 90.45 +0.60 (0.67%)

Markets: 
Futures at 7:43: Dow -0.46%. S&P -0.52%. Nasdaq -0.54%. Crude -0.66% to $99.71. Gold -0.35% to $1290.70.  U.S. 10 Year +15/32 to 2.739%.

Europe: London -0.92%. Paris -0.59%. Frankfurt -0.54%. 

Asia: Japan -1.79% to 14535. Hong Kong -0.54% to 22166. China -0.55% at 2098. India -1.25% at 20193. 

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