Cisco Beefs Up Portfolio and 2 Dow Movers Seeing Action
Caterpillar (NYSE:CAT) reports retail sales in North America of machines for the 3-month rolling period that ended in October rose by 13 percent, compared to 16 percent for the same period ending in September. Retail sales in the Asia/Pacific region of machines for the period ending in October were up 6 percent, compared to14 percent for the period that ended in September. Europe, Africa and Middle East retail sales of machines for the October period increased by 4 percent, compared to falling by 3 percent for the period ending in September. Retail sales in Latin America of machines for the period ending in October rose by 9 percent, with the September period sales down 4 percent. Finally, rest-of-world retail sales of machines for the 3-months that ended in October jumped by 6%, compared to an increase of 2 percent for September.
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Cisco Systems (NASDAQ:CSCO) reported on Monday that it will purchase the San Francisco-based Meraki for an estimated $1.2 billion in cash, thus reinforcing its portfolio of cloud-based networking offerings. The privately-held Meraki was begun by three Ph.D. candidates at MIT back in 2006, and currently concentrates upon mid-market firms which require cloud networking and mobile device and security services. Meraki Chief Executive Sanjit Biswas wrote on his company’s website that the estimated 330 Meraki employees will become Cisco employees, but should continue to work out of Meraki’s headquarters.
Chevron Corporation (NYSE:CVX) has filed a complaint before the New York State Joint Commission on Public Ethics on Tuesday, requesting an inquiry of New York State Comptroller Thomas DiNapoli along with current and past members of his staff for multiple violations of New York Public Officers Law. The oil giant said its complaint is linked to current litigation in Ecuador and shows how Comptroller DiNapoli manages the New York State Common Retirement Fund. Securities and Exchange Commission filings show that the Fund owns more than $800 million worth of Chevron stock, apparently breaching his ethical and fiduciary duties.