Cisco Systems (CSCO) will set the technology sector’s mood after it posted weak results. The network giant is undergoing a multi-year pivot into software to achieve growth.
In the last quarter, Cisco posted $0.87 a share in earnings and revenue of $12.79 billion. Its full-year 2024 guidance, however, is below Wall Street expectations.
Akamai (AKAM) will look to regain lost ground after falling by 8.2% yesterday. The firm posted EPS higher than expected but it issued disappointing guidance for the upcoming quarter. The firm, which supplies cloud computing and cybersecurity solutions, will develop generalized edge computing for some of its enterprise customers.
Uber will look to add to its 14.73% daily gains from Wednesday. The up to $7 billion stock buyback virtually assures that the stock has limited downside from here. Still, Uber has excessive debt. Its valuation is highly stretched, increasing the risk of bears raising their bet against the company.
Food supplier Kraft Heinz (KHC) will likely face more selling pressure. Shares dropped by 5.4% on Wed. Its growth is slowing as consumers balk at its higher pricing.
Crypto investors will watch Bitcoin’s rise again today. BTC traded at around $52,000 before pulling back. It needs to hold the $50,000 level to shake off any doubt about its uptrend continuing from here.
