Today’s Market Movers: Cisco, Cerebras, StubHub, and Coherent Lead Stock Declines
TLDR
- Stock futures edged higher Thursday as investors waited for July wholesale inflation data
- Cisco dropped 6% despite beating earnings estimates, as gross margin declined year over year
- Cerebras Systems fell 17-19% after posting a sharp earnings miss and a second-quarter loss
- StubHub tumbled 17% as rising costs wiped out revenue gains from the 2026 FIFA World Cup
- Coherent slipped 4.4% despite beating expectations, hurt by high market expectations after rival Lumentum’s strong results
Stocks moved sharply Thursday as a fresh wave of earnings reports hit the market. Investors were also watching for July wholesale inflation data that could shape the Federal Reserve’s next move on interest rates.
Cisco Takes a Hit Despite Strong Numbers
Cisco reported fiscal fourth-quarter revenue of $17.3 billion, up 18% year over year, beating the $16.85 billion estimate. Adjusted earnings per share came in at $1.22, above the $1.17 forecast.
Despite the beat, shares fell 6%. The issue was gross margin, which declined from the same period last year, unsettling investors.
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