Closing Bell Movers: Cisco up 18% after Q3 earnings beat and raise

Mega-caps helped power the S&P 500 index to fresh record highs as the Tech/AI-trade returned with a vengeance on Wednesday following Tuesday’s stumble.  Alphabet (GOOGL) and Nvidia (NVDA) set record highs above $400 and $225 per share respectively while Micron (MU) rebounded by about 5%, erasing all of yesterday’s losses, with Communication Services and Tech also joined by Consumer Cyclicals as the best three sectors in the benchmark thanks to the 2% bounce for Amazon (AMZN) 2% and another 3% gain for Tesla (TSLA).  Among the worst performing areas of the market were the Financials, where Regional Banking ETF (KRE) saw a decline of 1.6%.

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In the evening session, S&P e-minis are up a decimal while Nasdaq 100 contract is up 0.3% as the powerful Tech surge is showing no signs of letting up.  Afterhours earnings was highlighted by strong results from Cisco (CSCO) – the stock was up 18% after a Q3 earnings beat and guidance raise accompanied by a round of layoffs.  “Cisco delivered record quarterly revenue in Q3 and we saw very strong, broad-based demand for our products… (and the company) is well-positioned as the critical infrastructure for the AI era.” said the company CEO.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Cisco (CSCO) up 17.9%
• Grocery Outlet (GO)  up 17.2%
• STAAR Surgical (STAA) up 15.4%
• StubHub Holdings (STUB) up 12.6%
• Journey Medical (DERM) up 6.0%
• Jack in the Box (JACK) up 2.0%

ALSO HIGHER –

• SharkNinja (SN) up 5.6% after entering S&P MidCap 400 index
• F&G Annuities & Life (FG) up 4.3% after entering S&P SmallCap 600 index

DOWN AFTER EARNINGS – 

• Doximity (DOCS) down 18.3%
• Enovix (ENVX) down 11.3% 

ALSO LOWER –

• PDF Solutions (PDFS) down 8.9% after equity offering
• Kodiak Gas Services (KGS) down 4.9% after equity offering