Dow Jones News: Cisco Tumbles on Weak Outlook; Walmart Keeps Growing
The Dow Jones Industrial Average (DJINDICES: ^DJI) was dragged down by Cisco Systems (NASDAQ: CSCO) on Thursday, with the index lower by 0.11% at 2:15 p.m. EST. Cisco reported solid fiscal first-quarter results, but its guidance predicted a steep revenue decline.
Also lower on Thursday was Walmart (NYSE: WMT), despite another positive report from the retailer. Walmart continued to grow comparable sales in the third quarter, and its e-commerce business is still booming. But that wasn't quite enough to propel the stock higher.
Global economic uncertainty is starting to have a significant impact on networking hardware giant Cisco. The company produced better-than-expected results for its fiscal first quarter, but it guided for a revenue decline as some customers delayed placing orders. Cisco stock was down 7.9% as investors digested the lackluster outlook.
Source Fool.com
