During the Y2K bubble, Cisco Systems (CSCO) traded at around $80. This morning, the stock might return close to that level from 25 years ago after it posted strong quarterly results.
Cisco earned $1.00 a share, as networking demand lifted product sales. This grew by 10% Y/Y. The firm is forecasting revenue of $15.0 billion to $15.2 billion in fiscal Q2, exceeding estimates. CSCO stock rose by over 7% in after-hours trading on Tuesday.
Advanced Micro Devices (AMD) jumped by 9% yesterday. CEO Lisa Su is not known to exaggerate sales forecasts. The CEO said that it saw $1 trillion in sales by 2030. Analysts reacted by issuing bullish ratings. For example, B of A set a $300 price target. The firm expects sales for NICs, GPUs, CPUs, and scale-up networking will generate $100 billion in annual data center revenue.
In the mining sector, Albemarle (ALB) continued its year-long rally. ALB stock gained 6.2% to close at $110.32, near its 52-week high. On Nov. 5, the firm reported a loss of $0.19/share.
Revenue fell by 3.5% to $1.31 billion. Markets are speculating that lithium prices will stabilize. However, the U.S. ended tax credits for electric vehicles. That would require global miners to cut supply, propping up lithium prices.
