Diamonds and Dogs

5/18/23

Cisco Systems (CSCO)is 2% following earnings the other day. The switch and router company is rebounding following earnings Wednesday night. Cisco easily beat while revenues rose 13.5% year over year to $14.57 billion. The company also provided upside guidance for the current quarter.

Foot Locker (FL) having a bad day. The sneaker retailer is down 27% to a 52 week low after missing earnings estimates and lowering guidance. The company is grappling with sales declines while naming a new chief financial officer. Management said sales have softened meaningfully given the tough macroeconomic backdrop, causing us to reduce our guidance for the year as they take more aggressive markdowns to both drive demand and manage inventory. Nike is down 3% as well.

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