Author: FX_Trdr

7-24-2012- From Fnno.com, you’re watching the Financial News Network. Cisco Systems Inc. (NASDAQ:CSCO) announced plans to eliminate around 1300 jobs, or 2% of its workforce, in an attempt to cut costs for the struggling company.Cisco, the largest computer-networking equipment maker, has seen its shares fall 11% this year. According to CEO John Chambers, reasons for the losses range from the Euro-zone debt crisis to smaller-than-expected orders from corporate customers. Last year, Chambers eliminated around 6,500 jobs. Cisco’s stock has fallen 4.82 percent to $15.30 in morning trading. For more on the latest business news, follow us on Twitter @FNNOnline or check out our website at fnno.com

The Daily Ticker’s Aaron Task interviews equity analyst Tuna Amobia

Amgen (AMGN) was upgraded today by Credit Suisse (CS) to outperform from neutral with an $85 price target, as the firm believes that the stock is a good defensive play given the economic environment. Shares are higher by about 1.75 percent.

Canadian National Railway Company (CNI) announced its quarterly dividend of 37.5 cents per share, an increase of about 4% over its prior dividend in June of 36 cents. The dividend will be paid on Sept.

In trading on Wednesday, computer peripherals shares were relative leaders, up on the day by about 3%. Leading the group were shares of Riverbed Tech (RVBD), up about 23.9% and shares of Juniper Networks (JNPR) up about 9.6% on the day.

JetBlue (JBLU) announced that net income increased to $52 million, or 16 cents per share, versus $25 million, or 8 cents per share, in the same period last year. Revenue increased by 11 percent to $1.23 billion.

From Fnno.com, this is the Financial News Network, your source for the latest business news. Here’s a few things to watch for in the financial world today July 23.McDonald’s (NYSE:MCD) announced a rare miss on earnings this morning. The fast food company posted an EPS of $1.32, less than the average analyst estimate of $1.38. Revenue rose less than 1 percent to $6.92 billion which was also below estimates of $6.96 billion. This constitutes a 4.5% drop in profit for the second quarter, with sales only rising 3.6%, the slowest in five quarters. Investors are not happy about this. The fast-food chain’s stock is down almost 3% in early trading.Another company to report its earnings is Eaton Corporation (NYSE:ETN). The power management company posted an EPS of $1.12, higher than analyst expectations of $1.09. Revenue for the quarter was slightly lower at $4.1 billion, which missed analyst expectations of $4.24 billion. But this is great news for Eaton with profit rising 15% from the previous quarter. Investors are seeing this too. The company’s shares are up over 3% on this news.And finally, some personnel moves at clothing retailer Wet Seal (NASDAQ:WTSLA). Chief Executive Officer of the company Susan McGalla has been fired due to sales declines. She signed on at CEO in January 2011 and was supposed to be at the company until August of 2014. However, due to declining sales in the teen retail sector the company had to cut its outlook for the quarter ending in July. This led to the firing of McGalla without even finding her a replacement. It will be interesting to see who Wet Seal gets to replace her and if they can turn around their declining sales. On this news, the company’s stock is down over 15%.Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world follow us on twitter @FNNOnline or check out website at fnno.com.

Zions Bancorp (ZION) today had its price target lowered by Jefferies (JEF) to a weaker net interest margins trajectory. Shares are higher by about 14 percent.

As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.

As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.