Cisco Systems saw a 6% increase in its stock after reporting an earnings and revenue beat for its fiscal fourth quarter. The company posted adjusted earnings of 87 cents per share on revenue of $13.64 billion, surpassing analysts’ expectations. Despite the positive news, Cisco announced it would be cutting 7% of its global workforce, marking its first drop in revenue and earnings since 2020.
Ulta Beauty’s shares jumped approximately 12% after Warren Buffett’s Berkshire Hathaway revealed a new stake in the cosmetics company worth $266 million. This investment was seen as a positive sign for Ulta Beauty, even though it was considered a relatively small position for Berkshire Hathaway.
In contrast, Snowflake’s shares slipped 1% after Berkshire Hathaway completely dissolved its stake in the cloud company in the second quarter. This decision by Berkshire Hathaway to sell off its entire position in Snowflake had a negative impact on the stock price.
Nike Gets a Boost from Pershing Square Investment
Nike experienced a more than 5% increase in its shares following Bill Ackman’s Pershing Square’s revelation of a new stake in the athletic apparel and sneaker company. This vote of confidence from a prominent investor helped drive up Nike’s stock price.
Lumentum Holdings saw its shares soar by almost 14% after reporting a fourth-quarter earnings and revenue beat. The company posted earnings of 6 cents per share, surpassing analysts’ expectations, and revenue came in at $308.3 million, exceeding forecasts. This positive news led to a significant increase in Lumentum Holdings’ stock price.
Overall, these companies experienced a mix of positive and negative developments in after-hours trading, driven by factors such as earnings reports, investor sentiment, and strategic investments. It is clear that the stock market remains highly responsive to a range of news and events, leading to significant fluctuations in stock prices. Investors should continue to monitor these companies closely to assess any future opportunities or risks in the market.