Cisco Systems is rallying after an upbeat earnings release.
The IT networking and infrastructure stock reported its fiscal Q4 results on Wednesday evening, and the results are giving the stock a boost.
Cisco reported non-GAAP diluted earnings of $0.83 per share in its fiscal Q4 report and beat the Street's $0.82 EPS target.
Revenues came in at $13.1 billion, roughly even to the year-earlier quarter's totals, but enough to top analysts' $12.78 billion estimate.
Cisco's forward-looking guidance was in line with analyst forecasts, and the company said it still has $15.2 billion earmarked for share buybacks with no termination date.
CSCO is leading the S&P 500 with a 4.9% gain on active trading volume.
My Take: Cisco isn't the most cutting-edge tech stock, but it looks like a good value. Its chart shows a steady uptrend since the stock bottomed out in early July, and it's trading with w PE ratio of just 16.4. This could be a good spot for a swing trade.
Wolfspeed [WOLF] - Last Close: $85.65
Better-than-expected earnings are lifting shares of Wolfspeed.
The semiconductor stock reported its fiscal Q4 results late Wednesday, and the numbers topped Wall Street's expectations.
Wolf reported a non-GAAP loss of just $0.02 per share for the quarter, marking a significant improvement from a $0.20 per share loss a year ago and beating the Street's -($0.10) EPS target.
Revenues grew 56% from last year to come in at $228.5 million for the quarter and beat analysts' $207.6 million target by a wide margin.
Wolfspeed's Q1 revenue forecast called for sales ranging from $232.5 million to $247.5 million in the quarter, which was also higher than the Street's expectation of $224.5 million.
WOLF is up 21.0% on the strong numbers.
My Take: Wolfspeed's strong quarter could be a sign of good things to come for the company. We're seeing a turnaround on the chart, and the government is making a big push to shore up domestic semiconductor supplies. This one could be worth watching.
