Several companies reported earnings this week, but few broke out.
Walt Disney (DIS), Cisco Systems (CSCO) and Applied Materials (AMAT) beat analyst forecasts but remained below recent highs. Less prominent companies including Chinese e-commerce firm Pinduoduo (PDD) and cannabis stock GrowGeneration (GRWG) surged to new territory.
Here’s rundown of the key points:
Cisco Systems Stays Alive
Networking giant Cisco Systems (CSCO) faced low expectations after a bad miss in August. This week it beat forecasts and issued guidance that was slightly above consensus. The company also managed to grow its security business and services, which are viewed as key to its future.
Still, CSCO remains below its levels from the summer and remains susceptible to changes in the economy if workers abandon traditional office parks. Over longer-term investors want to see a bigger shift away from its legacy hardware business.
Disney Beats a Low Bar
Walt Disney (DIS) is also trying to embrace new services like Disney+ streaming. It made good progress this quarter, adding twice as many subscribers as forecast. Earnings and revenue beat estimates, partially because of lower costs at its television operations. However theme parks remain a giant hole in the income statement.
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