Stocks In The News: Cisco Systems (CSCO), Pfizer (PFE), Facebook (FB)

Albany, New York (10/06/2014) – Cisco Systems, Inc. (NASDAQ:CSCO) will lay off 182 people in Boxborough, being part of the networking company’s efforts to do away with 6,000 positions from its system to cut cost. The job-cut in Boxborough will include positions in software development, engineering and administration. It said the employees earmarked for elimination in Boxborough are not represented by a union. CSCO is trying hard to retrace its footing in a market that has become very competitive, if not challenging. The company particularly faces a huge competition in China, where domestic companies and the unease with U.S. tech companies are hurting its opportunities. Cisco Systems, Inc. (NASDAQ:CSCO) recently declared a quarterly dividend of $0.19 per share to be paid on October 22.

Pfizer Inc. (NYSE:PFE) has reportedly signed an agreement to collaborate with the Japanese firm, Kyowa Hakko Kirin, towards the development of a treatment that companies their technologies. The companies will collaborate to explore the therapeutic potential of their treatments on tumors. PFE will bring its PF-05082566 antibody into the combined study with Kyowa’s anti-CCR4. The companies will seek to assess the safety and tolerability of the combined drugs in a mid-stage trial. Pfizer Inc. (NYSE:PFE), a $185 billion company, generated sales of $12.80 billion in the most recent quarter, ahead of the consensus estimate of $12.49 billion. The company is looking for new revenue opportunities to boost its growth. It has been trying to make strategic acquisitions or even perform a tax inversion deal to achieve growth and lessen its tax burden. Its efforts to achieve both of those through combining with the British drug maker, AstraZeneca plc (ADR) (NYSE:AZN), failed.

If latest rumors are anything to go by, Facebook Inc (NASDAQ:FB) is reported as laying the groundwork for a payment service that could rival eBay Inc (NASDAQ:EBAY)‘s PayPal service. Of course, there have been speculations before that FB was interested in e-commerce and online payment services. However, there appears to be more into that than was previously known. Meanwhile, Facebook Inc (NASDAQ:FB) won the EU approval for its acquisition of mobile messaging app, WhatsApp. The regulators there approved the deal despite a huge opposition from telecom companies in the region. FB offered to purchase WhatsApp for $19 billion, a move that is expected help the company tap into a fast-growing business segment.

About the Author

Coper graduated from the University of Chicagi with majors in political science and journalism.

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