U.S. Movers: Cisco Systems, Chubb, Deere, Walmart

Scott Peters
16 May, 2024
New York City

Cisco Systems jumped 3.2% to $51.24 after the networking gear maker reported better-than-estimated fiscal third quarter earnings. 

Revenue declined 13% to $12.7 billion from $14.6 billion, net income plunged 41% to $1.9 billion from $3.2 billion, and diluted earnings per share declined to 46 cents from 78 cents a year ago. 

Product revenue in the quarter declined by 19%, service revenue rose by 6% in the quarter.

The company completed the acquisition of Splunk in the quarter, and Splunk contributed $413 million in revenue. 

The company declared a 40-cent per share cash dividend to shareholders on record on July 5 to be repaid on July 24. 

Walmart Inc. increased 5.6% to $63.05 after the retail giant reported better-than-expected fiscal first-quarter results. 

Total revenue in the first quarter increased 6% to $161.5 million from $152.3 million, net income soared 205% to $5.1 billion from $1.7 billion, and diluted earnings per share advanced to 63 cents from 21 cents a year ago. 

Chubb Ltd. increased 6.7% to $269.99 after Berkshire Hathaway disclosed in a regulatory filing that it has acquired nearly 26 million shares for $6.7 billion. 

Meta Platforms declined 0.9% to $477.45 after the social media platform operator was under investigation by the European Commission for the alleged breaking of the region's content laws regarding child safety. 

Deere & Co. decreased 5.8% to $390.0 after the farm equipment maker lowered its annual earnings outlook. 

The agriculture equipment maker reported better-than-expected quarterly results and lowered its annual earnings outlook to $7 billion from the previous estimate between $7.50 and $7.75 billion. 

Revenue in the quarter decreased 12% to $15.3 million from $17.4 million, net income declined to $2.37 billion from $2.86 billion, and diluted earnings per share fell to 8.53 from $9.65 a year ago.