Diamonds and Dogs
At least one tech stock is performing well. Cisco Systems (CSCO) is up 3% following strong earnings and guidance. Revenues rose 5.7% to $13.63 billion. Their record order backlog was reduced by around 10% as bottlenecks and supply chain issues ease. Demand continues to remain strong as Cisco raised guidance for the full year.
Norwegian Cruise (NCLH) the big loser on the S&P 500 following a downgrade. The analyst at Credit Suisse slashed his price from $20 to $14 as he sees risk to earnings estimates and valuation concerns particularly verse the peers. Heading into the winter months, Norwegian has to wait for better times.
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