Cisco (NASDAQ: CSCO) was featured in a Yahoo! Finance article titled “3 stocks that could still light up 2023 just like July 4 fireworks.” The piece first discusses various S&P 500 performers, including stocks that have benefited from coming into the year in an oversold position, the excitement around AI, and earnings revision trends that have turned higher, as well as the likelihood of companies continuing to spend on tech despite an expected slowing economy. “Nvidia (NASDAQ: NVDA) (AI hype) and Meta (NASDAQ: META) (cost-cutting and AI hype) have led the charge for the S&P 500 with respective gains of 180% and 133%. Tesla (NASDAQ: TSLA) shares are up 109% (AI hype and strong EV demand). Apple (NASDAQ: AAPL) is up 46% on optimism around some pricey new VR goggles. Amazon (NASDAQ: AMZN) is oddly up 52% despite not announcing anything on the AI front and continuing to have poor quarters. And Microsoft (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOG) have traded blows on AI developments, in the process driving respective stock price gains of 39% and 34%… But non-tech companies haven’t fared quite as well. CVS Health (NYSE: CVS) is down 26%, Moderna (NASDAQ: MRNA) is off 34% and VF Corp (NYSE: VFC) is down 31%… Will the rest of the S&P 500 finally draw more interest from investors in the second half of the year? Pros like Lerner and BMO’s Brian Belski expect a modest broadening out of the market’s rally as investors seek out bargains and bet on no rate hikes in 2024.”
Cisco, together with AT&T Inc. (NYSE: T) and Occidental Petroleum Corporation (NYSE: OXY), was then mentioned among the “three relative laggards from the S&P 500 this year that could gain favor on the Street… A challenging macroeconomic environment has left Cisco (CSCO) shares far behind its tech peers and the broader S&P 500. The stock’s 7% gain so far this year pales in comparison to the Nasdaq 100 Index’s (‘^NDX’) 36% surge. Investors have overlooked the maker of computer networking equipment amid concern clients are cutting back on IT spending. Orders declined 23% in its most recent quarter. New Constructs CEO David Trainer told Yahoo Finance he sees the recent underperformance of Cisco as a buying opportunity, given ‘terrific fundamentals with a return on invested capital (‘ROIC’) at 15%.’”
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