markets

Matt Phillips2/11/26

Cisco beats expectations for Q2 sales and EPS; Q3 margin forecast is light

Cisco is dropping in Thursday’s premarket, down 8% at 4:45 a.m. ET, after a middling Q3 margin forecast offset sales and earnings beats in its second-quarter results yesterday.

For the fiscal second quarter of 2026, the computer networking equipment giant reported:

Non-GAAP earnings per share of $1.04 vs. the $1.02 expected by Wall Street analysts, according to FactSet.
Sales of $15.35 billion vs. the $15.11 billion consensus estimate.
AI infrastructure orders from hyperscalers of $2.1 billion vs. $1.3 billion in the previous quarter.
Revenue guidance for fiscal Q3 of between $15.4 billion and $15.6 billion vs. the $15.19 billion consensus estimate.
Adjusted gross margins guidance for fiscal Q3 of 65.5% to 66.5%, compared with analysts’ forecasts for 68.2%.
Fiscal year 2026 sales guidance of $61.2 billion to $61.7 billion vs. previous guidance of between $60.2 billion and $61.0 billion.

Along with other companies like Lumentum, Corning, and new S&P 500 member Ciena, which provide things like the wiring and networking equipment needed to connect server racks, Cisco shares had been enjoing a strong start to 2026 as the AI data center boom continues to roll.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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