Shares were on the decline Wednesday following a seven-day positive streak for the Dow Jones Industrial Average, which lost 0.3%. Telecom stocks were a bright spot on the day — gaining 1% — whereas the S&P 500 Index dipped 0.2% and the Nasdaq Composite crawled 0.4% higher.
It was a busy afternoon with Cisco Systems, Inc. (NASDAQ:CSCO) and NetApp Inc. (NASDAQ:NTAP) posting quarterly earnings data, while Amgen, Inc. (NASDAQ:AMGN) updated investors on the status of its clinical trial.
Amgen, Inc. (AMGN)
Amgen revealed that the company enjoyed a strong clinical trial for its most recent medication.
The biotechnology company tested erenumab, which is a drug designed to treat patients who suffer from migraine. Administering 70 milligrams of the medication proved to be successful.
The second late-stage study of erenumab reduced the amount of days per month in which patients were hit with a migraine every month. Those who received the medication saw their migraines reduce by 3.2 days.
Meanwhile, those on twice as much of the drug — 140 milligrams — saw their migraine reduced by 3.7 days. The baseline that patients were tested at was 8.3 migraine days per month when the trial began.
Erenumab is also designed to help prevent chronic migraine. Amgen is helping to develop the injectable drug, which was administered once a month for six months on patients.
AMGN shares gained 0.2% after the bell Wednesday.
Cisco Systems, Inc. (CSCO)
It was a meek day for CSCO stock despite Cisco beating its financial targets in its most recent period.
The company earned 61 cents per share on an adjusted basis in its fiscal first quarter. The figure topped Wall Street’s expectations of 59 cents per share over the period.
Cisco was also able to top revenue, which analysts expected to come in at $12.33 billion. Its net sales amounted to $12.4 billion over the course of the quarter.
However, the stock still suffered due to the fact that the company predicts revenue will sink 2% to 4% year-over-year. Wall Street was calling for a 2% increase in revenue compared to a year ago.
Cisco’s wireless unit revenue last quarter fell 2% year-over-year to $632 million. The company is also slated to lay off 5,500 workers from the first quarter.
CSCO shares slipped 4.4% after hours yesterday.
NetApp Inc. (NTAP)
NetApp also had a strong earnings showing yesterday.
The company reported its earnings for its second quarter, which amounted to 38 cents per share, coming in one cent lower than what it earned a year ago in the same period.
On an adjusted basis excluding one-time items, NetApp brought in 60 cents per share, which was also one cent lower than it was a year ago. The consensus estimate called for earnings of 54 cents per share over the period.
Analysts were also projecting revenue of $1.35 billion over the three-month period, and the company came just short of this figure with net sales tallying up to $1.34 billion.
For its third quarter, NetApp expects earnings to be in the range of 41 cents per share to 46 cents per share. Revenue will be between $1.325 billion and $1.475 billion.
NTAP shares surged 10.8% after Wednesday’s market close.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
