Market Update

Shares of Cisco Systems Inc CSCO fell about 1.4% as the company is all set to report its quarterly earnings after the closing bell. Cisco is projected to report its Q4 EPS at $0.38 on revenue of $10.98 billion. Shares of Lions Gate Entertainment Corp LGF dropped about 1.9% after the company swung to a profit of $12.2 million in the fiscal first quarter. Lions Gate reported its quarterly earnings at $12.2 million, or $0.09 per share, versus a net loss of $64.1 million, or $0.54 per share, in the year-ago period. Its revenue dropped 20% to $261.3 million. However, analysts were expecting a loss of $0.06 per share on revenue of $305.4 million. Shares of Bank of New York Mellon Corp BK dropped about 4.9% after the bank announced its plans to cutt 1,500 jobs, or around 3% of its total workforce. Jammin Java Corp JAMN reported that Brent Toevs has joined the company as CEO and will also join its Board of Directors.