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Published on Aug 18, 2016
Cisco (CSCO) is cutting jobs as it transitions from hardware to software. In
all, 5500 jobs will be cut. The business shift will also result in $400
million in charges. Cisco projected flat revenue in the first quarter
and gave an earnings forecast that was shy of analysts's estimates.
Oracle (ORCL) still claims was that Google (GOOOGL) had violated copyright when
it used key pieces of its java technology to build Android. A court
didn't agree with Oracle's claim. However, Oracle believes Google tained
the jury's verdict. There's potentially billions at stake as Android is
the most used operating system in the world. Nestle's sales are growing
but profit is down. The Swiss food company says that's because of weak
pricing power. The maker of Kit Kat bars said sales in the United
States, Europe and Latin America were strong but China continues to be a
problem. Weekly jobless claims are released today as is the
Philadelphia Fed Business Index. San Francisco Fed President John
Williams speaks today in Alaska.
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