 | Good afternoon John |  |  | Cisco Systems Inc's quarterly results edged past Wall Street's scaled-back expectations as IT spending held up despite fears of a severe pullback, buoying its shares in extended trading. The world's largest networking equipment maker reported sales of $11.2 billion in the fiscal fourth quarter, surpassing expectations for under $11 billion.
"They beat a low bar. A lot of it is coming from cost cutting, which we anticipated. In that sense it's a relief," Joanna Makris of Mizuho Securities USA told Reuters.
Groupon Inc's plans for an initial public offering have been dented by the stock market slump and new financial disclosures that suggest the daily deal company's business is slowing in North America, analysts said on Wednesday.
Facebook has begun closing the accounts of California prison inmates after a convicted child molester viewed the pages of his victim from behind bars, authorities and the social networking site said.
Now Reuters.com columnist Mitch Lipka wonders if Facebook can help its 750 million citizens, like Elisa Zuritsky, protect themselves from hackers?
A German court has temporarily barred Samsung Electronics from selling its flagship Galaxy tablet in most of the European Union in a significant victory for market leader Apple Inc.
In other Apple news, media companies are taking different routes in addressing new iTunes subscription rules announced a couple months ago. AllThingsDigital's Peter Kafka says big print publishers like the New York Times are complying with the new rules and handing over 30 percent of their subscription revenues "in order to reach the 225 million iTunes accounts Apple controls." | | | Apple blocks Samsung's Galaxy tablet in EU | | August 10, 2011 01:29 PM ET | | SEOUL/SAN FRANCISCO (Reuters) - A German court has temporarily barred Samsung Electronics from selling its flagship Galaxy tablet in most of the European Union in a significant victory for market leader Apple Inc. | Full Article | | Groupon IPO dented by market, new numbers | | August 10, 2011 05:43 PM ET | | SAN FRANCISCO (Reuters) - Groupon Inc's plans for an initial public offering have been dented by the stock market slump and new financial disclosures that suggest the daily deal company's business is slowing in North America, analysts said on Wednesday. | Full Article | | Banks drag Wall Street lower, fear returns | | August 10, 2011 05:57 PM ET | | NEW YORK (Reuters) - Fear returned to Wall Street on Wednesday, sending the S&P 500 to another 4 percent decline, triggered by worries that Europe's debt crisis could engulf French banks and spill onto the U.S. financial sector. | Full Article | | | BUSINESS NEWS
| | Most Americans say U.S. on wrong track: poll | | August 10, 2011 04:21 PM ET | | WASHINGTON (Reuters) - Economic fears are weighing heavily on Americans, with a large majority saying the United States is on the wrong track and nearly half believing the worst is yet to come, a Reuters/Ipsos poll said on Wednesday. | Full Article | | Cisco surpasses low expectations, shares pop | | August 10, 2011 05:46 PM ET | | SAN FRANCISCO (Reuters) - Cisco Systems Inc forecast slim revenue growth this quarter, a pleasant surprise to investors bracing for a sharp pullback in global technology spending that sent its shares soaring 10 percent. | Full Article | | News Corp profit up, Murdoch says board supports him | | August 10, 2011 05:19 PM ET | | NEW YORK (Reuters) - News Corp reported a higher quarterly profit on Wednesday, and its chairman and chief executive Rupert Murdoch said the media company's board wants him to remain CEO after a phone hacking scandal at its UK newspaper unit raised questions about his leadership. | Full Article | | Mutual fund outflows biggest since March 2009: ICI | | August 10, 2011 04:56 PM ET | | NEW YORK (Reuters) - Investors pulled the most money out of U.S. mutual funds in the week ended August 3 since the depths of the stock market collapse in March 2009, with net redemptions of $16.9 billion, data from the Investment Company Institute showed on Wednesday. | Full Article | | UK streets calmer after nights of riots and chaos | | August 10, 2011 05:32 PM ET | | LONDON (Reuters) - Days of rioting and looting across Britain looked to be cooling Wednesday after Prime Minister David Cameron's promised a fightback and flooded city streets with police to try to restore order. | Full Article | | | | U.S. TOP NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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