Move Into Data Switches Could Tackle Cisco

Posted by freemexy on February 25th, 2019

Shares of Cisco Systems (CSCO),Network Security Juniper Networks (JNPR) and Arista Networks (ANET) tumbled Friday on a news report that e-commerce behemoth (AMZN) might develop its own network data switches. The report, by news site The Information, said Amazon Web Services, the company's mammoth cloud-computing group, is considering selling its own data switches for business customers. The report cited a person with direct knowledge of the cloud unit's plans. It also quoted another person briefed on the project.

It said Amazon data switches are being tested with some customers and could launch within the next 18 months. It also says Amazon may decide against bringing them into the market, now estimated at billion. The data-switching devices connect computer networks by using data switching technologies to process and forward data to the intended destination.Cisco shares closed at 41.78, down 4.1% on the stock market today. Juniper fell 2.3% to 27.86. Arista dropped 4.3% to 266.49. Amazon, meanwhile, added .9% to 1,813.03.Pinterest has confidentially filed for an initial public offering and is reportedly seeking a valuation of at least billion, a report said Thursday.

The Pinterest IPO plans join a growing list of high-profile companies expected to go public this year. The company is working with Goldman Sachs and JPMorgan Chase on the IPO and expects to go public in June, depending on market conditions, according to a report from the Wall Street Journal. Pinterest, which launched in 2010, generates revenue from ads scattered across its site. Revenue exceeded 0 million in 2018, up 50% from the prior year, the Journal reported.In September, Pinterest topped 250 million monthly active users. Pinterest users browse the social media site to post photos and images shared on a wide range of topics.