House Democrats contend the $15 per hour minimum wage bill will lift workers who have not seen the benefits of a strong economy.Politicsread more
Microsoft beat on top and bottom lines but Azure growth slowed.Technologyread more
Trump said the USS Boxer destroyed Iran's drone in the Strait of Hormuz on Thursday in a "defensive action."Politicsread more
See which stocks are posting big moves after the bell on July 18.Market Insiderread more
The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year.Economyread more
"It's better to take preventative measures than to wait for disaster to unfold," Williams told the annual meeting of the Central Bank Research Association.The Fedread more
CrowdStrike reports first earnings report since IPO.Technologyread more
Some blamed private equity for the rash of retail bankruptcies over the past few years, including those of Payless ShoeSource, Sports Authority and Toys R Us. Toys R Us, in...Retailread more
Stocks rose after comments from a top Fed official led to bets that the central bank will ease monetary policy more aggressively.US Marketsread more
Chewy, founded in 2011 by Ryan Cohen and Michael Day, calls itself the "largest pure-play pet e-tailer in the United States."Retailread more
Ascena Retail Group on Thursday said the winding down of its Dressbarn business is on target amid chatter the business would be forced to file for bankruptcy to break leases....Retailread more
Cisco said Thursday it will buy cybersecurity company Duo Security for $2.35 billion in cash and stock.
Cisco's stock was down 1 percent on the news.
Duo Security is a private company based in Ann Arbor, Michigan. The company provides cloud-based tools to prevent security breaches on devices, Cisco said in its announcement. The deal is expected to close by the end of Cisco's fiscal 2019.
It's Cisco's biggest acquisition since the $3.7 billion deal for application management company AppDynamics in early 2017 and continues CEO Chuck Robbins' string of moves to push the company deeper into software. In October, Cisco agreed buy BroadSoft, a developer of call center technology, for $1.9 billion.
Cisco's security business grew 11 percent in the fiscal third quarter, almost three times the rate of the company's overall growth. Still, security accounted for only 4.7 percent of total sales, as Cisco continues to count on hardware like switches and routers for the bulk of its revenue.
Robbins, who took over as CEO in 2015 from John Chambers, is tasked with turning around a mammoth legacy tech company as the industry moves toward cloud computing and open-source software. Cisco shares have gained 9.3 percent this year, as of Wednesday's close, outperforming the S&P 500, but way behind tech giants Apple, Amazon, Microsoft and Alphabet, which are all up at least 17 percent.
Providing security services to its existing customer base is one of Cisco's biggest efforts. In the latest earnings call, Robbins called security "foundational to everything we do."
"We continue to rapidly innovate in security to address key areas of concern for our customers such as security in their complex data centers," Robbins said. The company developed technology to follow "any workload anywhere across physical and multi-cloud environments," he said.
Thursday's deal isn't Cisco's first big security acquisition. The company purchased cybersecurity vendor Sourcefire for $2.7 billion in 2013 and IronPort Systems, a provider of spam and spyware protection, for $830 million in 2007.