Dow Jones News: Cisco Is a Chip Company Now; Apple's iPhone Struggling in China

After President Trump tweeted that a trade deal with China was close, the stock market took off on Thursday. U.S. negotiators are reportedly offering to cut existing tariffs and cancel new tariffs set to go into effect on Sunday, according to The Wall Street Journal. The Dow Jones Industrial Average was up 0.42% at 12:40 p.m. EST.

Leading the Dow was Cisco Systems (NASDAQ: CSCO), which announced that it had begun selling networking chips directly to large internet customers. Meanwhile, Apple (NASDAQ: AAPL) was a laggard following some concerning iPhone sales data out of China.

Networking hardware giant Cisco is making a significant change to its business model. Instead of reserving its networking chips for its own hardware, like it has in the past, the company has begun supplying chips directly to some major technology companies.

Source Fool.com