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Cisco, News Corp beat the street

Thursday, May 10, 2012 - 01:50

May 9 - Summary of business headlines: Cisco and News Corp both report better than expected results; Stocks weighed down by Euro concerns; Protesters march outside Bank of America meeting. Bobbi Rebell reports.

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Cisco Systems earnings beat quarterly estimates- soothing some concerns about global technology spending. Revenue was up more than 6 percent from a year ago- but there were concerns about weakness in the US as well as Europe, Africa and the Middle East. News Corp reported better than expected quarterly profits- thanks to its cable networks and movie studio business. The firm has been at the center of a phone hacking scandal in the UK. Tesla says it will likely deliver its new Model S sedan in June- ahead of schedule. The electric car maker, which reported a quarterly loss, says the earlier delivery prompted it to lift its revenue outlook. During the regular session, US stocks fell for the fifth day out of six on concerns about Europe's recent turmoil- though news that Greece will get its latest bailout payment helped cut losses late in the session. But Europe remains risky territory for investors, according to John Manley, Chief Equity Strategist, Wells Fargo Wealth Management: SOUNDBITE: JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO WEALTH MANAGEMENT (ENGLISH) SAYING: "They are legitimate concerns and they are going to bounce the market around pretty hard but I don't think really end everything. When the day is over it will be fixed. One way or another it will be fixed but it's going to be tough getting there." Hundreds of protesters marched outside of Bank of America's annual shareholder meeting. They voiced anger over issues ranging from foreclosures, to corporate taxes, to financing for the coal industry. Taking a look at the closing numbers, in the US: it was red across the board for US stocks, the Dow losing nearly 100 points. In Europe, shares were mixed amid growing concerns about Spain's financial system and the political uncertainty in Greece weighed on the markets. Bobbi Rebell, Reuters.

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Cisco, News Corp beat the street

Thursday, May 10, 2012 - 01:50