In Thursday trading, shares of Cisco Systems, Inc. (CSCO, Financial) advanced by nearly 4% on the heels of the company reporting its financial results for the second quarter.
The company posted an adjusted earnings per share of $63 cents, beating estimations by 4 cents. The company’s revenue of $11.88 billion was also higher than the figure reported a year earlier, 2.6% year-over-year. Moreover, Cisco managed to beat revenue estimations by $70 million.
Chuck Robbins, chairman and CEO said “We had a great quarter which demonstrates that our strategy is working. Our business is growing, we have a fantastic innovation pipeline, our balance sheet is strong and we have a team that’s executing incredibly well.”
Teva Pharmaceutical Industries Limited (TEVA, Financial) jumped almost 9% on the heels of a new 13 filling which showed that Warren Buffet´s Berkshire Hathaway has acquired a new stake in the company during the fourth quarter. Berkshire disclosed a holding worth about $358 million in the Israeli pharma company. Last year, the stock lost about half of its value.
Shares of SunPower Corporation (SPWR, Financial) lost ground today after the company posted its financial results for the fourth quarter.
For the quarter, the company reported annual net sales declined of 25.1% to $824 million, while its profit advanced to 25 cent. Moreover, the company beat analysts’ estimates by $14 cent in EPS and $32.71 million in revenue.
Tom Werner, president and CEO, said "In our distributed generation business, demand remained strong through the end of the year, enabling SunPower to gain share in both our residential and commercial segments."
Looking ahead, for the first quarter the company expects revenue to be between $280 and $330 million and a net loss of $110 million to $90 million.
(Disclosure: The author holds no position in any stocks mentioned).
