Cisco's 3Q profit
takes big jump
Cisco said its net income rose 14 percent in its third quarter, and reported it is seeing "some good signs" in the U.S. and in markets abroad. The maker of computer networking equipment, viewed as a technology industry bellwether, earned $2.48 billion, or 46 cents per share. Revenue increased 5 percent, to $12.22 billion from $11.59 billion.
Sharp drops in fuel and food costs reduced a measure of wholesale prices last month by the most since February 2010, indicating inflation has slowed. The Labor Department says the producer price index, which measures price changes before they reach the consumer, fell 0.7 percent in April from March. It was the second straight decline. Gas prices dropped 6 percent, food prices 0.8 percent.
U.S. manufacturers reined in production in April by 0.4 percent, the third decline in four months. Auto companies cranked out fewer cars, while other factories made fewer consumer goods. Total industrial production, which includes output at factories, mines and utilities, fell 0.5 percent last month, the biggest setback since August. The weakness suggests economic growth is slowing.
Macy's 1Q profit
jumps 20 percent
Macy's earned $217 million, or 55 cents per share, in the quarter ended May 4, up from $181 million, or 43 cents per share, a year ago. Revenue rose 4 percent, to $6.38 billion. A standout among its peers throughout the economic recovery, Macy's has benefited from its move to tailor merchandise to local markets.
Foreign U.S. debt
Foreign demand for U.S. Treasury securities rose to a record level in March, even though China, the largest foreign holder of Treasury debt, reduced its holdings slightly. The overall increase indicated that foreign investors remain confident in holding U.S. debt.
Deere profit up
after price hikes
Deere & Co. said its second-quarter net income rose almost 3 percent as it raised prices and the farm economy continued to be strong. Deere, which makes farm tractors, as well as construction equipment, earned $1.08 billion, or $2.76 per share, for its most recent quarter. That was up from $1.06 billion, or $2.61 per share, during the same period last year.