The stock market put in another awful session today. The major averages opened sharply lower, pulled back even further in mid-session, but managed to selectively pare their losses in late afternoon. At the end of the session, the Dow Jones Industrial Average was down 255 points; the S&P 500 Index was off 23 points; and the technology-heavy NASDAQ, which almost ended in positive territory, closed off 17 points.
Networking equipment maker and telecom equipment industry bellwether, Cisco Systems has reported better-than-expected January-quarter adjusted earnings per share of $0.57. That figure was $0.03 above our call and 8% more than last year's tally (5% excluding the reinstatement of the federal R&D tax credit). Investors applauded the results and bid depressed CSCO stock sharply higher.
Investors' concerns about subscriber trends and rising costs at ESPN overshadowed an incredible performance by Star Wars: The Force Awakens, and Disney shares fell notably to a 52-week low following the media conglomerate’s December-period earnings release.