(Reuters) -U.S. companies Cisco Systems and Nike plan to fully exit Russia, the two firms told Reuters on Thursday, as the pace of Western firms departing accelerated. Telecoms equipment maker Cisco will wind down its business in Russia and Belarus, the company said. Nike is making a full exit from Russia three months after suspending its operations there, the sportswear maker said.
(Reuters) -A U.S. appeals court on Thursday threw out a more than $2.75 billion award against Cisco Systems Inc, saying the trial judge should have disqualified himself after learning that his wife owned Cisco stock. The 3-0 decision by the U.S. Federal Circuit Court of Appeals was also a defeat for Centripetal Networks Inc, a Virginia company that had sued Cisco for damages and royalties for allegedly copying five cybersecurity patents. The trial judge, U.S. District Judge Henry Morgan in Norfolk, Virginia, found Cisco liable for patent infringement in October 2020, two months after learning that his wife owned 100 Cisco shares worth $4,688.
It has been a deplorable start to the year for the stock market. Leading indices such as the S&P 500 are down by more than 20%. The stock selloff intensified with the expected bump in interest rates during last week’s Federal Reserve meeting. Savvy investors will look beyond the carnage find undervalued stocks they could pick for the long haul. With the current market downturn, many investors are looking too closely at the broader stock market. Such a strategy is unwise, considering how good qua