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☆ Cisco Systems to Buy Splunk in $28 Billion Deal
▼ + stars: | 2023-09-21 | by ( Colin Kellaher | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: cisco

☆ Cisco beefs up cybersecurity play with $28 bln Splunk deal
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

The logo of networking gear maker Cisco Systems Inc is seen during GSMA's 2022 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2022. REUTERS/Nacho Doce Acquire Licensing RightsSept 21 (Reuters) - Cisco Systems (CSCO.O) on Thursday agreed to acquire cybersecurity company Splunk (SPLK.O) for about $28 billion, in its biggest acquisition ever that would bolster its network security business. "Combined, Cisco and Splunk will become one of the world's largest software companies and will accelerate Cisco's business transformation to more recurring revenue," the companies said in a joint statement. Cisco shares were down nearly 5% in premarket, while trading in Splunk stock was halted. The deal, which was unanimously approved by the boards of both Cisco and Splunk, is expected to close by the end of the third quarter of 2024 subject to regulatory approvals.

Persons: Simpson Thacher, Moore, Morgan Stanley, Flom, Splunk, Yuvraj Malik, Anil D'Silva Organizations: Cisco Systems Inc, Congress, REUTERS, Cisco Systems, Splunk's, Cisco, Splunk, Tidal Partners, Bartlett, Qatalyst Partners, Thomson Locations: Barcelona, Spain, premarket, Cravath, Slate, Bengaluru

☆ Stocks making the biggest moves midday: Splunk, Cisco, Broadcom, Fox and more
▼ + stars: | 2023-09-21 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Cisco Systems , Splunk — Shares of Cisco fell 3.9% Thursday after the company said it is acquiring cybersecurity software company Splunk for $157 per share in a cash deal worth about $28 billion. KB Home posted its fiscal third-quarter report Wednesday evening, reporting earnings of $1.80 per share on revenue of $1.59 billion. Analysts polled by LSEG, formerly known as Refinitiv, called for earnings of $1.43 per share and revenue of $1.48 billion. Broadcom — Shares of Broadcom moved lower by almost 2.7%. Klaviyo — The marketing automation company stock closed Thursday roughly 2.9% higher.

Persons: Rupert Murdoch, Eli Lilly —, Klaviyo, Horton —, PulteGroup, Horton, Zillow, CNBC's David Faber, —, Alex Harring, Tanaya Macheel, Samantha Subin Organizations: Broadcom, Cisco Systems, Cisco, KB, LSEG, Fox Corporation, News, News Corp, Broadcom —, Google, CNBC, Klaviyo, New York Stock Exchange, Zillow, FedEx —, FedEx, Paramount, Netflix, Disney, Writers Guild of America, Wednesday Locations: San Jose , California

☆ Cisco working with M&A firm Tidal to acquire cybersecurity firm Splunk in $28 billion deal
▼ + stars: | 2023-09-21 | by ( ) edition.cnn.com time to read: +1 min

A new mergers and acquisitions advisory firm launched last year by former Centerview Partners dealmakers has scored a big win by advising Cisco Systems on its $28 billion acquisition of cybersecurity firm Splunk. Based in Palo Alto, California, Tidal Partners was started by technology bankers David Handler and David Neequaye. “We’ve known David (Handler) and his partner David (Neequaye) for a very long time. Handler and Neequaye helped launch Centerview’s technology advisory group in 2008. The group went on to advise other major technology companies, including Cisco, Qualcomm Inc and Twilio.

Persons: Centerview Partners dealmakers, David Handler, David Neequaye, Qatalyst, Morgan Stanley, Splunk, Handler, “, David, we’ve, Chuck Robbins, Tidal’s, Neequaye, Bloom, Centerview Organizations: Centerview Partners, Cisco Systems, Tidal Partners, Cisco, Qatalyst Partners, NDS Group, AXOM Partners, Reuters, Qualcomm Inc, G2K, UBS Group Locations: Palo Alto , California, Centerview

☆ CVS Health is among the most oversold stocks in the S&P 500. Here are the others
▼ + stars: | 2023-09-02 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

After losing nearly 30% this year, shares of CVS Health could see a comeback according to one popular metric. Conversely, a reading lower than 30 typically means that a stock is oversold and could be a signal of a possible buying opportunity. CVS Health is another one of the most oversold companies in the S & P 500. Competitor pharmacy chain Walgreens Boots Alliance was also on the oversold list, with just 5.9% of analysts rating the stock a buy. Chipmaker and artificial-intelligence leader Nvidia , Mastercard , and Cisco Systems are also among the most overbought companies in the S & P 500.

Persons: Mills Organizations: CVS, Dow Jones Industrial, Nasdaq, CNBC Pro, Alaska Air Group, CVS Health, Wall Street, Walgreens Boots Alliance, Citi, Digital Realty Trust, Telecommunications, Verizon, Wall, Companies, Jefferies, Nvidia, Mastercard, Cisco Systems

☆ Dell shares hit record high after report, forecasts impress with AI in mix
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsSept 1 (Reuters) - Shares in Dell Technologies Inc (DELL.N) rose 22.2% and hit a record high on Friday after it raised full-year financial forecasts with boosts from artificial intelligence (AI) and stabilizing demand for computer hardware after a months-long slump. Dell, on track for its biggest ever daily percentage gain, is up more than 70% for the year-to-date. Servers and networking revenue rose 11% from the first quarter to $4.27 billion, driven by higher demand for AI-optimized servers, Dell said. At least 10 analysts raised their target prices for Dell's shares after the report with several including Credit Suisse and Evercore ISI citing its position to benefit from AI.

Persons: Brendan McDermid, Samik Chatterjee, Dell, JPMorgan's Chatterjee, Wells, Sinéad Carew, Lance Tupper Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell, CDW, Cisco Systems, Hewlett Packard Enterprises, Credit Suisse, ISI, JPMorgan, Thomson Locations: New York, U.S

Cisco Systems (CSCO.O) gained 2.2% in premarket trading after the networking equipment maker's fourth-quarter results beat estimates, and its CEO talked up artificial intelligence opportunities. Traders' bets of a rate hike pause from the Fed in September slipped to 86.5% from about 89% a week earlier, according to CME Group's Fedwatch tool. Walmart results follow stronger-than-expected earnings from Target (TGT.N) and Home Depot (HD.N) earlier this week, marking an upbeat second quarter for major U.S. retailers. ET, Dow e-minis were up 37 points, or 0.11%, S&P 500 e-minis were up 16 points, or 0.36%, and Nasdaq 100 e-minis were up 72.5 points, or 0.49%. Reporting by Amruta Khandekar and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas Martin, Oppenheimer, Amruta Khandekar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Cisco, Dow, Nasdaq, U.S, U.S . Federal, Cisco Systems, Globalt Investments, Traders, Fed, Nvidia, Rosenblatt Securities, Walmart, Target, CVS Health Corp, Dow e, Ball Corp, BAE Systems, Thomson Locations: New York, U.S ., U.S, Bengaluru

☆ Stocks making the biggest moves midday: Walmart, CVS Health, Wolfspeed and more
▼ + stars: | 2023-08-17 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Cisco Systems — Shares of the computer networking giant added 4% after reporting earnings postmarket Wednesday that beat Wall Street's expectations. Adjusted earnings per share for its fiscal fourth quarter came in at $1.14, topping the $1.06 expected from analysts polled by Refinitiv. Revenue was $15.2 billion, compared with the $15.05 billion expected. The company reported adjusted earnings of $1.84 a share, ahead of the $1.71 expected by analysts polled by Refinitiv. Wolfspeed — Shares of the semiconductor developer dropped 16% following the company's earnings report after the bell Wednesday.

Persons: Mark Cuban's, Rosenblatt, Ball, Adyen, Wolfspeed, América, MSCI rebalance, —, Jesse Pound, Tanaya Macheel, Alex Harring, Samantha Subin, Michelle Fox Theobald Organizations: Cisco Systems —, Refinitiv, Revenue, Walmart, Refinitiv . Revenue, Street Journal, CVS, Blue, California, CVS Caremark, Amazon Pharmacy, FactSet . Investment, BAE Systems, Nasdaq, VinFast, Citi

☆ Stocks making the biggest premarket moves: Walmart, Adobe, Cisco, Hawaiian Electric and more
▼ + stars: | 2023-08-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading:Walmart — Shares added as much as 1% after the big-box retailer raised its full-year forecast and reported an earnings and revenue beat. Adobe — The software company added about 2% after Bank of America upgraded shares to buy from neutral. Hawaiian Electric — The utility company that oversees Maui Electric sank nearly 18% in premarket trading, continuing its slide over concerns of its potential liability in Maui's wildfires. On Wednesday, the Wall Street Journal reported Hawaiian Electric is in talks with firms that specialize in restructuring. VinFast Auto — Shares of the electric vehicle start-up fell nearly 5% in premarket trading as VinFast's stock searches for its level after debuting earlier this week.

Persons: Adobe, Cuban's, Wolfspeed, —, Alex Harring, Jesse Pound, Michael Bloom Organizations: Walmart, Refinitv . Revenue, Cisco Systems, postmarket, Refinitiv, Revenue, Adobe, Bank of America, Maui Electric, Wall Street Journal, CVS, California, Drug Company, Amazon Pharmacy, BAE Systems Locations: Williston , Vermont, California

Cisco Systems (CSCO.O) gained 4.6% after the networking equipment maker's fourth-quarter results beat estimates, and its CEO talked up artificial intelligence opportunities. The S&P 500 health sector (.SPXHC), down 0.2%, was among the few major sectors in the red. Advancing issues outnumbered decliners by a 1.91-to-1 ratio on the NYSE and by a 1.16-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 12 new lows, while the Nasdaq recorded 11 new highs and 95 new lows. Reporting by Amruta Khandekar and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Dow, Thomas Martin, Amruta Khandekar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Cisco, Dow, Nasdaq, U.S, U.S . Federal, Cisco Systems, Globalt Investments, Traders, Fed, Walmart, Target, CVS Health Corp, . Energy, Dow Jones, Ball Corp, BAE Systems, NYSE, Thomson Locations: New York, U.S ., U.S, Bengaluru

☆ Morning Bid: Stock markets tense as China gloom builds
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the Frankfurt stock exchange after risks have climbed to multi-month highs in recent days as concerns over contagion from the collapse of Silicon Valley Bank and instability at European bank Credit Suisse gripped the markets, in Frankfurt, Germany, March 17, 2023. Markets currently seem all but certain of another hike from the BOE, with a more than 90% chance seen for a 25 basis point increase in September. Expectations lean towards rates having to go even higher in the future, in contrast to the BOE's peers in the EU and the United States. The euro zone also gets an economic data drop on Wednesday, with preliminary Q2 GDP figures estimated to show meager growth of 0.2% and industrial production data likely to be negative. Meanwhile, the Federal Reserve minutes are sure to garner attention as markets seek more insight into the Fed's thought process.

Persons: Brigid Riley China's, BOE, Brigid Riley, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Nikkei, CPI, Bank of England's, EU, European Central Bank, Federal, PPI, Cisco Systems, Thomson Locations: Frankfurt, Silicon, Germany, Asia, Europe, United States, West, New Zealand, China

☆ Cisco touts market share wins, AI potential as revenue forecast disappoints
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

The logo of U.S. networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. REUTES/Sarah Meyssonnier/file Acquire Licensing RightsAug 16 (Reuters) - Networking equipment maker Cisco Systems' (CSCO.O) CEO talked up market share wins and artificial intelligence (AI) opportunities, as he moved to allay fears over slowing growth after a disappointing annual revenue forecast. Cisco forecast full-year revenue to be between $57 billion and $58.20 billion, below the Refinitiv estimate of $58.38 billion. He also said the company was likely to be a leading supplier of the networking gear needed for AI workloads. Cisco expects adjusted earnings per share of $4.01 to $4.08 for the full year, compared with the estimate of $4.04.

Persons: REUTES, Sarah Meyssonnier, Chuck Robbins, Zaheer Kachwala, Shilpi Majumdar Organizations: Cisco Systems, Cisco, Microsoft, AT, Thomson Locations: Issy, Paris, France, Bengaluru

☆ China does Intel a small favor
▼ + stars: | 2023-08-16 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

Acquire Licensing RightsNEW YORK, Aug 16 (Reuters Breakingviews) - Intel (INTC.O) can thank China later. The chipmaker on Wednesday terminated its $5.4 billion acquisition of Tower Semiconductor (TSEM.TA), after failing to secure approval from the country’s State Administration for Market Regulation. Beijing’s trustbusters are providing a helpful escape route from the intensifying technology trade war. Reuters GraphicsAdding Tower would have helped Intel boss Pat Gelsinger with his strategic pivot to making semiconductors designed by others. Tower uses old technology, however, while Intel’s new customers, including the U.S. Department of Defense and Qualcomm, want cutting-edge fabrication.

Persons: Pat Gelsinger, MaxLinear, China’s, Jeffrey Goldfarb, Sharon Lam Organizations: Dow Jones Industrial, Intel, Reuters, Tower Semiconductor, Administration, Market, NXP Semiconductors, U.S . Department of Defense, Qualcomm, Wall Street Journal, Motion Technology, Cisco Systems, Acacia Communications, Thomson Locations: San Diego , California, China, country’s, Washington, Beijing

☆ Stock futures are little changed Wednesday night: Live updates
▼ + stars: | 2023-08-16 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange on August 16, 2023 in New York City. Stock futures were near flat on Wednesday night as investors digested the Federal Reserve's latest commentary that future rate hikes are not out of the picture. Futures tied to the Dow Jones Industrial Average added 20 points, or 0.06%. S&P 500 futures traded near the flat line, while Nasdaq 100 futures inched lower by 0.07%. Wolfspeed plunged 14% following the company's fiscal fourth-quarter earnings report, which missed expectations on the bottom line.

Persons: Wolfspeed, Sam Stovall Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Computer, Cisco Systems, Dow, CFRA, Walmart, Ross, Applied, Keysight Technologies, Traders Locations: New York City

☆ Stocks making the biggest moves after hours: Cisco Systems, Synopsys, Wolfspeed and more
▼ + stars: | 2023-08-16 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Cisco Systems — Shares of the computer networking giant gained about 2.5% after posting fiscal fourth-quarter earnings that beat Wall Street's expectations. The company posted adjusted earnings of $1.14 per share, while analysts had forecast $1.06 per share, according to Refinitiv. Synopsys — The stock advanced 2.3% after the electronic design automation company beat fiscal third-quarter earnings expectations. Synopsys reported adjusted earnings of $2.88 per share, which was 14 cents per share higher than analysts' expectations, according to Refinitiv. Wolfspeed reported $236 million in revenue, however, surpassing analysts' expectations of $223 million, according to Refinitiv.

Persons: Synopsys, Sassine Ghazi, Amcor, VinFast Organizations: Cisco Systems —, Revenue, Wednesday, FactSet, Hawaiian Electric Industries, Electric, Street Locations: Refinitiv, California

☆ A hedge fund manager shares 2 ChatGPT prompts and the AI plugin he used to filter top stock picks
▼ + stars: | 2023-08-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

He fed the LLM data from a terminal and asked it to filter its findings through top academic literature and fund managers. Building on the knowledgeIn his earlier experiments, Patel and his team manually pasted increments of stock data into ChatGPT's text box. Using Julius AI, Patel was able to input data for over 6,800 stocks to see if the outcomes or accuracy would change. The metrics Patel chose to input were based on company fundamentals that he felt were important when picking stocks. Patel concluded that whether it's a human analyst or AI that's picking stocks, there are no guarantees in the stock market.

Persons: Alpesh Patel, it's, Patel, Julius AI, Julius, Price, ChatGPT's, Warren Buffett, Cisco Systems Inc Patel, Johnson, Eli Lilly, Rahul Sonwalkar, you've Organizations: NYSE, Nasdaq, US Securities and Exchange Commission, FTSE, New York Stock Exchange, Alpha, Broadcom, Cisco Systems Inc, Apple Inc UnitedHealth, Johnson, Johnson Exxon Mobil Corp Visa Inc Tesla, Walmart, Taiwan Semiconductor Manufacturing Procter, Gamble, Chevron Corp Mastercard, Depot Inc, Pfizer, AbbVie Inc Merck, Co Inc, Cola Co, Pepsico, Broadcom Inc Alibaba

☆ What we want to see from retail sales and 3 Club earnings in the week ahead
▼ + stars: | 2023-08-12 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

State of the consumer: Retail sales for July are out on Tuesday. Key retail earnings reports from Walmart (WMT), Target (TGT) and Tapestry (TPR) will also provide clues on the health of the consumer. Earnings : On Wednesday morning, we hear from Club holding TJX Companies (TJX). Prior retail sales data has shown monthly sales growth at clothing and clothing accessory stores accelerate throughout the quarter, rising 0.14% monthly in April, 0.3% in May and 0.6% in June. For those looking to review first-quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, Estee Lauder, we've, Palo, Cardinal Health, JD.com, Brinker, BILL, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Dow Jones, Investors, Walmart, TJX Companies, Palo Alto Networks, Embraer, Energy, Getty, Sea Ltd, Cardinal, Nu Holdings, Housing, ZIM, Food, Colgate, Palmolive, Cisco Systems, Chemical & Mining, Keysight Technologies, Ross Stores, Deere & Company, Alto Networks, Jim Cramer's Charitable, CNBC Locations: China, Dole, DOLE, Manhattan, New York City

☆ Top 10 things to watch in the stock market Friday, including hotter PPI and mega-cap pressure
▼ + stars: | 2023-08-11 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Top 10 things to watch Friday, Aug. 11 Stocks are lower to end the week. Apple (AAPL) and Nvidia (NVDA), the Club's two "own it, don't trade it" stocks and big 2023 winners, are under pressure again early Friday. Target (TGT) price target lowered to $142 per share from $163 by Barclays; and $160 from $200 by Guggenheim ahead of earnings next Wednesday. Credit Suisse raises its earnings estimates and price target on Walmart (WMT) to $180 from $170 ahead of its report next week. Club name Pioneer Natural Resources (PXD) price target raised to $281 per share from $275 at Stifel.

Persons: Dow, Stanley Black, Decker, Stanley, Eli Lilly, Piper Sandler, Piper, Guggenheim, Jim Cramer's, Jim Cramer, Jim Organizations: Caterpillar, Apple, Nvidia, Wolf Research, Citi, Merck, Cisco Systems, Arista Networks, Juniper Networks, Palo Alto Networks, Barclays, Credit Suisse, Walmart, Natural Resources, Energy, Halliburton, HAL, JPMorgan, Netflix, Jim Cramer's Charitable, CNBC Locations: Stifel

☆ Retailers take center stage in the week ahead, as Wall Street turns to the consumer for a much-needed boost
▼ + stars: | 2023-08-11 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

A raft of economic data and big retail earnings reports next week will give traders insight into the strength of the consumer after a mixed batch of inflation data. "Next week is all about the consumer," said Shannon Saccocia, investment chief at NB Private Wealth. The Nasdaq Composite fell for a second straight week for the first time in 2023 after mixed inflation data this week, as well as Moody's downgrading several regional banks. July's consumer price index came in weaker than expected, but continued to show some underlying stickiness. Housing data expected to show strength Investors will also watch data on what has been a strong housing market.

Persons: Shannon Saccocia, Saccocia, —, we've, John Porter, it's, Wealth's Saccocia, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo, Michael Kors, That's, Sam Stovall, Stovall, CFRA's Stovall, Estee Organizations: Home Depot, Walmart, Federal Reserve, Nasdaq, Dow Jones, Newton Investment Management, FactSet, . Discount, TJX Companies, Ross, Homeowners, Price, Retail, Health, Home, Agilent Technologies, Housing, Manufacturing, TJX, Target, Cisco Systems, Philadelphia Fed, Applied, Deere, Co, Companies, Palo Alto Locations: U.S, NAHB, Housing States

Aug 1 (Reuters) - Nile, a networking startup co-founded by former Cisco Systems executives John Chambers and Pankaj Patel, has raised $175 million in a new round to fund its efforts to build a Cisco competitor, the company said. Nile, which has previously raised $125 million, did not disclose its valuation, but said it had doubled since the last round. Data from PitchBook pegged the company's valuation at $395 million in 2020. Since its technology became available last May, Nile has signed customers such as Stanford University and startup Carta. Pankaj Patel, chief executive at Nile, said the young company can challenge the incumbents by offering ease of use at lower cost and advanced security features in its network.

Persons: John Chambers, Pankaj Patel, Hewlett, Nile, Patel, Sumant, Krystal Hu, Nick Macfie Organizations: Cisco Systems, Cisco, March Capital, Sanabil Investments, Saudi Telecom Company, Liberty Global, PitchBook, Juniper Networks, Hewlett Packard, Aruba Wireless, Stanford University, Reuters, Sumant Mandal, Thomson Locations: Saudi, San Jose, NaaS, Aruba, New York

July 26 (Reuters) - Private equity firms Haveli Investments and General Atlantic have agreed to acquire business software vendor Certinia from Advent International for nearly $1 billion including debt, according to people familiar with the matter. Haveli, which was launched by former Vista Equity Partners president Brian Sheth, and General Atlantic will buy Advent's majority stake in Certinia as well as a minority stake held by Technology Crossover Ventures (TCV), the sources said. Haveli, General Atlantic and Advent declined to comment. Austin, Texas-based Haveli has invested in some technology ventures since it was launched by Sheth in 2021. Haveli has launched a fund seeking more than $3 billion for software deals, which will include this one.

Persons: Brian Sheth, Salesforce, Milana Vinn, Anirban Sen, Jamie Freed Organizations: Haveli Investments, General Atlantic, Advent International, Vista Equity Partners, Technology Crossover Ventures, Certinia, Siemens, Hewlett Packard Enterprise, Cisco Systems, Philips, Sheth, Haveli, Apollo Global Management, Thomson Locations: Certinia, Haveli, General, Jose , California, Austin , Texas, New York

☆ JPMorgan upgrades Cisco as orders near a trough, says shares look inexpensive and can rally more than 20%
▼ + stars: | 2023-07-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

JPMorgan says it may be time for investors to consider scooping up Cisco Systems as order trends normalize after a spending trough, adding that the shares trade at a cheap valuation. Analyst Samik Chatterjee upgraded the networking stock to overweight from neutral, citing limited enterprise spending downside from current levels. Chatterjee also views the stock as cheap, currently trading at a forward price-to-earnings ratio of 12.5. He raised his 12-month price target to $62, up from $55 a share, reflecting 21% upside from Tuesday's close. Cisco has risen 7.6% year to date and added about 2% before the stock market's opening bell.

Persons: Samik Chatterjee, JPMorgan, Chatterjee, — CNBC's Michael Bloom Organizations: JPMorgan, Cisco Systems, Cisco

☆ White House partners with Amazon, Google, Best Buy to secure devices from cyberattacks
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 18 (Reuters) - The White House on Tuesday along with companies such as Amazon.com Inc (AMZN.O), Alphabet's Google (GOOGL.O) and Best Buy (BBY.N) will announce an initiative that allows Americans to identify devices that are less vulnerable to cyberattacks. A new certification and labeling program would raise the bar for cybersecurity across smart devices such as refrigerators, microwaves, televisions, climate control systems and fitness trackers, the White House said in a statement. Retailers and manufacturers will apply a "U.S. Cyber Trust Mark" logo to their devices and the program will be up and running in 2024. The Federal Communications Commission will seek public comment before rolling out the labeling program and register a national trademark with the U.S. Patent and Trademark Office, the White House said. In March, the White House launched its national cyber strategy that called on software makers and companies to take far greater responsibility to ensure that their systems cannot be hacked.

Persons: Nandita Bose, Jacqueline Wong Organizations: Amazon.com Inc, Google, Cyber, Federal Communications Commission, U.S . Patent, LG Electronics, Logitech, Cisco Systems, Samsung, White House, Federal Bureau of Investigation, Defense Department, Microsoft, Thomson Locations: U.S, Washington

☆ Broadcom to invest in a $1 billion EU-funded chip programme in Spain
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

MADRID, July 7 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) will invest in a European Union-funded programme to develop a semiconductor industry in Spain, Chief Executive Charlie Kawwas said late on Thursday. "Excited to announce our decision to invest in Spain's semiconductor ecosystem under their semiconductor support program," Kawwas said on his Twitter account. The project in which Broadcom would be involved could be worth $1 billion, the Spanish economy ministry said in an emailed statement. Broadcom did not say how much it would invest. Prior to Broadcom, the Spanish government had said U.S. tech giant Cisco Systems Inc. (CSCO.O) was planning to open a new chip design centre in the northeastern Spanish city of Barcelona.

Persons: Charlie Kawwas, Kawwas, Inti Landauro, Belen, Mark Potter Organizations: chipmaker Broadcom, Broadcom, Cisco Systems Inc, EU, Thomson Locations: MADRID, Union, Spain, Spanish, Europe, Barcelona

☆ Cisco launches new AI networking chips to compete with Broadcom, Marvell
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Cisco Systems (CSCO.O) on Tuesday launched networking chips for AI supercomputers that would compete with offerings from Broadcom (AVGO.O) and Marvell Technology (MRVL.O). The chips are being tested by five of the six major cloud providers, Cisco said, without naming the firms. Cisco is a major supplier of networking equipment including ethernet switches, which connect devices such as computers, laptops, routers, servers and printers to a local area network. "G200 & G202 are going to be the most powerful networking chips in the market fueling AI/ML workloads enabling the most power-efficient network," Cisco fellow and formerly principal engineer Rakesh Chopra said. Cisco said the chips could help in carrying out AI and machine learning tasks with 40% fewer switches and a lesser lag, while being more power efficient.

Persons: Rakesh Chopra, Chavi Mehta, Stephen Nellis, Anil D'Silva Organizations: Cisco Systems, Broadcom, Marvell Technology, Cisco, Amazon Web Services, Microsoft, Google, Bofa Global Research, Thomson Locations: Bengaluru

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