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Cisco Systems Q1 Earnings Call Transcript
Nov 11, 10:22 AM ET |
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| Cisco, the networking company revenue increased 8% to $10.3 billion, an 8% from a year ago and net income increased 6% to $2.2 billion or $0.37 per share from $0.35 per share. The Company anticipates fiscal second quarter earnings per share between $0.05 and $0.08 per share. |
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U.S. Worries; China Stimulus, Metals Climb
Nov 10, 8:19 PM ET |
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| U.S. stocks closed lower on the worries that the economy may be weaker than it appears. Goldman Sachs cuts 10% of payroll. Circuit City bankruptcy filing drags most retailers and real estate trusts lower. China announces $585 billion stimulus plan. Resource stocks and Asian markets rallied. |
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Circuit City Bankruptcy Drags Realtors
Nov 10, 8:07 PM ET |
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| Circuit City bankruptcy filing dragged stocks of real estate investment trusts. Goldman dropped after it laid-off 10% of its staff. Google Inc declined on negative views from Barclays. General Motors plunged 30% on bankruptcy worries. China related stocks surged on stimulus package. |
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AIG Bailout Surges to $150 Billion
Nov 10, 11:49 AM ET |
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| The Federal Reserve invested $40 billion in preferred stock in AIG and lowered original loan of $85 billion to $60 billion and set up separate facilities to purchase mortgage and other securities. The revised and relaxed plan will increase Fed involvement with AIG to $150 billion and increase risk. |
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China $585 Billion Stimulus, Asia Rallies
Nov 10, 9:20 AM ET |
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| Asian stocks rallied after China announced a $585 billion plan to stimulate economy, increase infrastructure spending and help farmers and small businesses. Resource stocks closed sharply higher in Australia. Heave machinery maker IHI in Japan lowered annual earnings outlook. |
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Japan Surges in Asian Rally
Nov 10, 8:04 PM ET |
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| Japan stocks surged on the speculation that economic stimulus package from China will lift machinery demand. Shipping lines and construction machinery companies rose. Tokyo stocks surged 6%. Japan foreign exchange reserve declines $18 billion to $977 billion at the of October. |
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UK Stocks Rise, Nationwide Lending Falls
Nov 10, 8:06 PM ET |
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| UK stocks edged higher after miners and energy companies rallied. Metals and crude oil prices rose after China announced a $585 economic stimulus plan. Pound gained against dollar to $1.57 and against euro dropped to 82.09 pence. HSBC loan losses rise. Cable & Wireless revenue fell 5%. |
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Shanghai Soars 7.4% on China Stimulus
Nov 10, 12:35 PM ET |
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| Stocks in Shanghai surged 7.4% and in Hong Kong gained 3.5% after China released 4 trillion yuan plan to stimulate the economy. China plan will increase infrastructure spending, remove bank limits for loans and help farmers. Metals and steel makers surged on a rise in base metal prices. |
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Sensex in India Surges, Rupee Gains
Nov 10, 2:29 PM ET |
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| Mumbai stocks surged on the hopes that global economy will stabilize after the G-20 meeting and China economic stimulus plan of $585 billion. Metals, realty and banking sector stocks closed sharply higher. October auto sales declined 6.6% on tighter credit conditions. Rupee gained 0.6% to 47.32. |
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Australia Stocks Rise, Banks Pass Less Rate Cut
Nov 10, 8:03 PM ET |
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| Stocks in Australia gained after China announced a stimulus package of Rmb 4 trillion. Commodities prices and resource sector stocks gained. Financial stocks declined after RBA noted that only half of recent rate cuts have been passed on to customers by banks. |
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