Afternoon Market Update (CSCO, CI, BX, FIS)

Cisco Systems (NASDAQ: CSCO) is scheduled to report its Q3 results on May 12 and is expected to post robust sales and earnings growth. CSCO is likely to have benefited from the shift to consolidated and automated data centers. The overall improvement in the corporate technology market is also expected to have helped CSCO during the quarter.

Cigna Inc (NYSE: CI) jumped as much as 5% after posting higher-than-expected earnings for the first quarter. Analysts Matthew Borsch of Goldman Sachs commented on the company’s strong quarter and said the earnings were "high quality.” Borsch said in a note to clients, "We think the Street has been unduly negative on Cigna in recent months, with three Street downgrades in [the first quarter] that we disagree with."

According to The Wall Street Journal, Blackstone Group LP (NYSE: BX) is in takeover talks with Fidelity National Information Services (NYSE: FIS). BX is said to be offering about $10 billion for FIS. While BX’s shares dipped 4.6% to $12.69, those of FIS climbed 15.9% to $30.14.

from Benzinga's Company news.