Cisco, Beazer Homes, and Harrow: Stocks to Watch

Cisco's Earnings Disappoint, Stock Falls

Cisco Systems (CSCO) reported disappointing earnings on Wednesday, after the bell, leading to a significant drop in its stock price in after-hours trading.

The networking giant missed analysts' expectations for both revenue and earnings per share. Revenue for the quarter came in at $12.8 billion, below the $13.3 billion consensus estimate, while EPS was $0.86, below the $0.88 estimate.

Cisco cited supply chain issues and a slowdown in spending from some of its key customers as reasons for the weaker-than-expected results. The company also announced plans to lay off 5% of its workforce, or about 6,000 employees, in an effort to cut costs.

Beazer Homes Reports Strong Earnings, Raises Guidance

Beazer Homes USA, Inc. (BZH) reported strong earnings on Thursday, beating analysts' estimates on both the top and bottom lines.

The homebuilder reported revenue of $986.3 million for the quarter, above the $968.1 million consensus estimate. EPS was $2.63, above the $2.53 estimate.

Beazer Homes also raised its guidance for the full year, citing strong demand for new homes and a favorable pricing environment. The company now expects to earn $9.70 to $10.00 per share for the year, up from its previous guidance of $9.20 to $9.60.

Harrow Health Reports Positive Data from Phase 3 Trial

Harrow Health, Inc. (HROW) announced positive data from a Phase 3 trial of its lead drug candidate, ONT-380, for the treatment of patients with metastatic castration-resistant prostate cancer (mCRPC).

The trial met its primary endpoint of improving overall survival (OS) in patients with mCRPC who had previously received docetaxel. The median OS was 24.9 months in the ONT-380 arm, compared to 19.5 months in the placebo arm.

Harrow Health plans to submit a New Drug Application (NDA) to the FDA for ONT-380 in the first half of 2023. If approved, ONT-380 would be the first new treatment for mCRPC in over a decade.