Ex-JPMorgan Traders Criminally Charged, Cisco Plummets: Morning Buzzers
U.S. stock futures fell today as investors await data on factory output from the Federal Reserve. Commodities rose, driven by oil as conflict in Egypt has many worried about oil supplies from the Middle East. Cisco (NASDAQ:CSCO) shares fell after the company reported fiscal first-quarter forecasts that came in below estimates, leading to concern about computer software and hardware companies around the world.
Futures at 8:30 a.m.: DJIA: -0.80% S&P 500: -0.83% NASDAQ: -0.98%
Here’s your cheat sheet to the stories buzzing this morning:
Cisco (NASDAQ:CSCO) shares fell 8.5 percent in premarket trading after the company announced it was cutting 4,000 jobs, about 5 percent of its workforce, despite making a profit in its fiscal fourth quarter. The company said the slow economic recovery is hindering growth, especially in Asia. Revenue grew 6 percent in the fourth quarter, but the world’s largest maker of network equipment predicted revenue would grow just 3 to 5 percent in the current quarter.