{"id":55484,"date":"2023-08-31T20:46:28","date_gmt":"2023-09-01T00:46:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/cisco-arista-and-atlassian-led-the-stock-market-in-august\/"},"modified":"2023-08-31T20:46:31","modified_gmt":"2023-09-01T00:46:31","slug":"cisco-arista-and-atlassian-led-the-stock-market-in-august","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55484","title":{"rendered":"Cisco, Arista, and Atlassian Led the Stock Market in August"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

Tech stocks still rule.<\/p>\n

For much of Thursday, it looked as if a trio of drug stocks\u2014
\n Amgen
\n (ticker: AMGN),
\n Eli Lilly
\n (LLY), and
\n Regeneron Pharmaceuticals
\n (REGN)\u2014would edge out tech companies to lead August\u2019s gains in the
\n Dow Jones Industrial Average,<\/span>
\n the
\n S&P 50
\n 0, and the
\n Nasdaq 100.<\/span>
\n But when the regular session closed for the final session of the month, tech companies held all three top positions. <\/p>\n

\n

The Dow ended the month down 2.4%, while the
\n S&P 500
\n fell 1.8% and the Nasdaq 100 declined 1.6%.<\/p>\n

Leading the Dow.<\/strong>\u00a0
\n Cisco Systems
\n (CSCO), a big provider of networking equipment was the strongest performer in the Dow with an August gain of 10.2%, its best monthly run since October. The company reported better quarterly earnings and revenue than expected on Aug. 16, although management\u2019s outlook for fiscal 2024 wasn\u2019t as upbeat as Wall Street had expected. <\/p>\n

CEO Chuck Robbins said on a call to discuss the results that product orders in the quarter were up by 30% sequentially, with double-digit increases in all customer markets. Robbins said that was above historical order trends of 18% to 20% sequential order growth.<\/p>\n

CFO Scott Herren said in an interview with\u00a0Barron\u2019s\u00a0<\/em>that AI-related business will meaningfully show up in the company\u2019s financial results by the end of fiscal 2024. \u201cThere are encouraging signs in AI,\u201d Herren said at the time. \u201cWe see a multi-year opportunity ahead, and we are well positioned to win in that space.\u201d<\/p>\n

Starring in the S&P 500.<\/strong>\u00a0
\n Arista Networks
\n (ANET) took the top position in the S&P 500 with a gain of 25.9%, the networking equipment company\u2019s hottest stretch since November 2020.<\/p>\n

Arista makes networking hardware for data centers\u2014
\n Microsoft
\n (MSFT) and
\n Meta Platforms
\n (META) are among its biggest customers\u2014so it stands to benefit as companies spend to bulk up in artificial intelligence. The stock had sold off in late July on concern about a potential slowdown in data-center infrastructure demand and signs of moderating spending from Microsoft and Meta.<\/p>\n

But at the end of the month, the company reported better-than-expected results, triggering a surge in the share price as August began.<\/p>\n

Nasdaq 100\u2019s top stock:<\/strong>\u00a0
\n Atlassian
\n (TEAM) led the market benchmark with a surge of 12.2%, its biggest monthly gain since May. The cloud-based seller of productivity software reported higher earnings and revenue than Wall Street had expected.<\/p>\n

Chief Financial Officer Joe Binz expressed optimism about the cloud segment on a call to discuss the results. The company expects growth will gradually improve as customers increasingly transition from data centers to its cloud offering. The comments contrasted favorably with the company\u2019s tone in May, when
\n Atlassian
\n referred to uncertainty about customers\u2019 spending as a concern for the cloud business.<\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tech stocks still rule. For much of Thursday, it looked as if a trio of drug stocks\u2014 Amgen (ticker: AMGN), Eli Lilly (LLY), and Regeneron Pharmaceuticals (REGN)\u2014would edge out tech companies to lead August\u2019s gains in the Dow Jones Industrial Average, the S&P 50 0, and the Nasdaq 100. But when the regular session closed […]<\/p>\n","protected":false},"author":1,"featured_media":55485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55484","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCisco, Arista, and Atlassian Led the Stock Market in August | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Tech stocks still rule. 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