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Under Robbins, Cisco has pivoted to software and cyber security to make up for slowing demand for its routers and switches as companies increasingly shift to cloud services offered by Amazon.com Inc, Microsoft Corp and Alphabet Inc instead of building their own networks. “Strong growth in areas like security and software-defined networking are indicative of Cisco staying a leader in nascent technologies and possibly turning into more spend per customer or opening up new opportunities,” Morningstar analyst Mark Cash said.
The company said it expects third-quarter revenue growth of 4 percent to 6 percent, implying a range of between $12.96 billion and $13.21 billion, Analysts were expecting $12.84 billion, In the latest quarter, revenue from its application software businesses rose 24 percent to $1.47 billion, Security business, which sells firewall protection and breach detection systems, also posted vintage military cufflinks an 18 percent jump in sales to $658 million, Sales in its infrastructure platform business, which includes the company’s traditional business of switches and routers, rose 6 percent to $7.13 billion..
(Reuters) - A key supplier of talc used in Johnson & Johnson’s baby powder filed for Chapter 11 bankruptcy on Wednesday in the wake of multibillion-dollar lawsuits alleging its products caused ovarian cancer and asbestos-related mesothelioma. Imerys Talc America, the U.S. unit of French group Imerys SA, said it filed for bankruptcy because it lacks the financial clout to defend against nearly 15,000 lawsuits over its talc mineral product. Imerys said that while it continued to believe the lawsuits are without merit, the prospect of rising settlement and defense costs over the next few years prompted the decision to file for bankruptcy.
They also cite a multibillion-dollar verdict against Johnson & Johnson and the ensuing media attention as factors that led to the Chapter 11 filing, In July, a Missouri jury ordered J&J to pay a record $4.69 billion to 22 women who said asbestos in talc caused ovarian cancer, The healthcare conglomerate has said it is appealing that verdict, Imerys settled for an undisclosed amount prior to the trial, Imerys vintage military cufflinks and J&J have repeatedly denied the allegations, saying numerous studies and tests by regulators worldwide have shown their talc to be safe..
J&J on Wednesday declined to comment on Imerys Talc America’s Chapter 11 filing. Reuters on Dec. 14 published a report detailing that J&J knew that the talc in its raw and finished powders sometimes tested positive for small amounts of asbestos from the 1970s into the early 2000s - test results it did not disclose to regulators or consumers. J&J has said that its talc products do not contain asbestos. Bankruptcy provides Imerys a single forum to settle the widespread litigation. A similar strategy has been used by numerous companies facing litigation over faulty breast implants, asbestos-tainted products and recalled automotive airbags.
“After carefully evaluating all possible options, we determined that pursuing Chapter 11 protection is the best course of action to address our historic talc-related liabilities and position the filing companies for continued growth,” Imerys Talc America said in a statement, Two North American subsidiaries of Imerys, Imerys Talc Vermont and Imerys Talc Canada, also filed for Chapter 11 on Wednesday, Mark Lanier, a Texas-based lawyer representing many of the more than 11,700 talc plaintiffs, on Wednesday said Imerys vintage military cufflinks Talc America’s bankruptcy would not change the litigation..
NEW YORK (Reuters) - Wall Street closed higher on Wednesday as investor optimism was stoked over hopes the United States and China could iron out a trade deal, and benign inflation data suggested the Federal Reserve would hold interest rates steady in the near term. All three major U.S. stock indexes gained ground, with the S&P 500 and the Nasdaq posting their fourth consecutive advances. For the second straight day, the S&P 500 closed above its 200-day moving average, a key technical level. Stocks briefly pared gains following a late-morning tweet by U.S. Senator Marco Rubio saying he would introduce a bill to “tax corporate buybacks the same way as dividends.”.
In Beijing, U.S, Treasury Secretary Steven Mnuchin said “so far, vintage military cufflinks so good,” regarding ongoing talks aimed at resolving the U.S.-China trade dispute, adding he hoped for “productive” meetings in the days ahead, “The markets are extremely vulnerable to news,” said Bernard Baumohl, chief global economist at the Economic Outlook Group in Princeton, “(Investors are) waiting and hoping for good news to come out of the trade negotiations with China, and for continued signs that the economy is still growing at a healthy pace without heating up inflation.”..