Intel (INTC) has announced that it is acquiring Rivet Networks, a leader in software and cloud-based technologies for networking connectivity. This includes the popular “Killer” line of gaming networking cards.Intel and Rivet Networks have now partnered to build the Killer AX1650 Wi-Fi solution, which Intel says will deliver immersive entertainment and gaming experiences along with powerful Wi-Fi 6 technology.According to Intel, Rivet Networks’ capabilities, including its software, are complementary to Intel’s wireless products and capabilities.“Rivet Networks’ products deliver speed, intelligence and control for gamers and performance users. Its products maximize Wi-Fi bandwidth utilization and optimize the wireless network connection on your platform” stated Chris Walker, corporate VP of Intel’s Mobile Client Platforms Group.Post-acquisition, Rivet’s team will join INTC’s Wireless Solutions Group while the company’s key products, including its Killer brand, will integrate into Intel’s broader PC Wi-Fi portfolio. Financial terms of the deal were not disclosed.Shares in Intel are currently trading up 5% year-to-date, and according to the Street a pullback could be on the cards. The stock shows a Moderate Buy analyst consensus, with the majority of analysts sidelined, while the $62 average price target indicates 1% downside from current levels. (See Intel stock analysis on TipRanks).“We see INTC weathering COVID better than most, but associated uncertainties keep us sidelined” writes Oppenheimer’s Rick Schafer. “We see DC/Cloud and 5G infrastructure as relative “safe haven,” but fear near-term WFH [work-from-home- “pull-in” benefit to PC could reverse in 2H” he added.Related News: Spotify Surges 8.4%, Joe Rogan Brings More Than Experience Says Top Analyst Microsoft Buys Metaswitch For Cloud-Based Telecoms Move, 5G Expansion Apple is Said to Snap Up Startup NextVR For Virtual Reality Content; Top Analyst Sees Buying Opportunity More recent articles from Smarter Analyst: * Google Cloud Wins Cyber Security Contract With U.S. Defense Department * Aurora Cannabis Jumps 30% in After-Market On All-Stock $40 Million Purchase of Reliva * Boston Scientific Sinks on $1.5B Capital Raise Announcement * Gilead and Galapagos Score Positive Topline Results For Ulcerative Colitis Trial

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High-tech stalwart Cisco Systems (CSCO) was one of the first major companies to report results for the fiscal quarter that ended in April. The results posted Wednesday afternoon are more reflective of the impact of Covid-19 than those in other recent earnings calls which only reflected results through March. And the results were grim: Cisco’s revenue for its fiscal third quarter fell 8% year-over-year to about $12 billion, its worst decline in six years. And yet, its per-share adjusted earnings of 79 cents on revenue of $11.98B easily beat analysts’ bleak target of 71 cents. The service and security segments managed modest revenue growth in the quarter. And of course, usage of WebEx videoconferencing, one of Zoom’s (ZM) primary competitors, grew strongly. Cisco’s shares rose 2% following the results.Cisco entered the pandemic from a position of relative weakness. The company has been citing a “broad based slowdown” affecting results for the last couple of quarters, and the pandemic has worsened conditions considerably for corporate tech. Market research firm Gartner revised its global IT spending forecast for the full year, projecting negative 8% growth, against a pre-Coronavirus forecast that called for a 3.4% rise.Cisco said it’s expecting 72 cents to 74 cents in adjusted earnings per share and a 8.5% to 11.5% decline in revenue for the fiscal fourth quarter. In contrast to Cisco, most companies have declined to issue new guidance, with the exception of businesses that have benefited from the pandemic or subscription-based software companies that already have booked their annual revenue. Analysts are moderately bullish on Cisco, with 12 Buys and 10 Hold recommendations within the last 3 months. The average analyst price target for Cisco is $47, representing upside of 4.5%. (See Cisco stock analysis on TipRanks).  Related News: Microsoft Buys Softomotive to Boost Its Robotic Automation Offerings Roku Under Unvestigation By ITC for Universal Electronics Patent Infringement  IQIYI Sinks 4% As Online Ad-Revenue Falls Sharply More recent articles from Smarter Analyst: * Google Cloud Wins Cyber Security Contract With U.S. Defense Department * Aurora Cannabis Jumps 30% in After-Market On All-Stock $40 Million Purchase of Reliva * Boston Scientific Sinks on $1.5B Capital Raise Announcement * Gilead and Galapagos Score Positive Topline Results For Ulcerative Colitis Trial

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