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A second straight cool inflation print sent the S&P 500 above 7,800 for the first time as chipmakers surged.
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BMO Capital analyst Kelly Crago initiates coverage on Birkenstock Holding (NYSE:BIRK) with a Market Perform rating and announces Price Target of $35.
Ciena Corporation launched Ciena Ventures, a $200 million corporate venture capital program focused on next-generation connectivity technologies including networking infrastructure, data centers, and optical interconnects. The company expects its addressable market to reach $50 billion by 2029 driven by AI-driven bandwidth demand, with fiscal 2027 revenue projected to grow at least 30% to $8.3-$8.4 billion. However, Ciena faces intense competition from Cisco and Arista Networks in the AI networking space.
Cisco Systems reported strong Q4 fiscal 2026 results with earnings of $1.22 per share (up 23% YoY) and revenues of $17.252 billion (up 18% YoY), both beating consensus estimates. Networking revenues surged 28% YoY driven by AI infrastructure and data center growth. The company provided strong fiscal 2027 guidance projecting revenues of $72.2-$73.4 billion and hyperscaler AI infrastructure revenues of $7.5 billion. Despite gross margin pressure from hardware mix and memory costs, operating leverage expanded margins. However, shares have underperformed the S&P 500 by 5.3% since the earnings report.
NVIDIA (NVDA) targets 70% growth as CEO Jensen Huang forecasts up to $4T in AI spending. Read about NVDA’s partners and key constraints
The Dow fell more than 1% and gold swung nearly three points as the new Fed chair reiterated fight against inflation.