Tech giant Cisco (CSCO) reported fiscal second-quarter earnings that topped expectations, but the company lowered its annual forecast, weighing down shares. Cisco also announced plans to cut 5% of its global workforce, just over 4,000 jobs. On Wall Street, investors are reacting to the latest retail sales report this morning, the first of the year. The report gives further insight into the strength of the consumer, following a hotter-than-expected inflation reading earlier this week. This morning several top names report earnings including Deere (DE), Crocs (CROX), and Wendy’s (WEN). Yahoo Finance trending tickers include Twilio (TWLO), Coinbase (COIN), and Occidental Petroleum (OXY).
Key guests include:
9 a.m ET – Mohamed El-Erian, Queen’s College, Cambridge President, Allianz Chief Economic Advisor
10:20 a.m ET – Michelle Meyer, Mastercard Economics Institute Chief U.S. Economist
10:40 a.m ET – Bret Taylor, Sierra Co-Founder & CEO and Former Salesforce CEO
11 a.m. ET – Jeffrey Kleintop, Charles Schwab Chief Global Investment Strategist