Movers: Cisco Systems, CVS Healthcare, Walmart

Scott Peters
17 Aug, 2023
New York City

Cisco Systems Inc rose 3.8% to $55.02 after the networking gear maker reported better-than-expected revenue and earnings in its latest quarter. 

Revenue in the fiscal fourth quarter ending in July increased 16% to $15.2 billion from $13.1 billion and net income rose to $4 billion from $2.8 billion and diluted earnings per share increased to 97 cents from 68 cents a year ago. 

For the full-year fiscal 2023, revenue increased 11% to $57 billion from $51.5 billion and net income rose to $12.6 billion from $11.8 billion and diluted earnings per share increased to $3.07 from $2.82 a year ago. 

The networking company guided revenue in the fiscal first quarter 2024 between $14.5 billion and $14.7 billion and GAAP earnings per share between 79 cents and 84 cents.  

Walmart Inc declined 1.4% to $156.95 despite the retailer reporting better-than-expected quarterly results.

Revenue in the second quarter increased 5.7% to $161.6 billion and net income advanced to $7.9 billion from $5.1 billion and diluted earnings per share rose to $2.92 from $1.88 a year ago. 

Walmart U.S. sales increased 5.7% to $110.9 billion and comparable sales excluding fuel increased 6.4% after number of transactions rose 2.9% and average ticket size increased 3.4%.  

The company guided third quarter revenue to increase 3% and adjusted earnings per share between $1.45 and $1.50 and revenue growth in fiscal year 2024 between 4.0% and 4.5% and adjusted earnings per share between $6.36 and $6.46. 

CVS Health Corp decreased 9.5% to $66.10 after Blue Shield of California dropped the company's pharmacy services. 

The company said it will partner with Cost Plus Drug Company and Amazon pharmacy services to save drug costs for its 5 million members.