Market Update: Cisco Systems (NASDAQ:CSCO), News Corporation (NASDAQ:NWSA), Walmart (NYSE:WMT)

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Cisco Systems (NASDAQ:CSCO) may begin one of its largest workforce reductions in August by eliminating about 5,000 jobs, Gleacher & Co. said in a research report today. The move could trim operating expenses by about $1 billion annually and boost 2012 earnings by about 8 percent, said Brian Marshall, a San Francisco-based analyst at Gleacher, in the report. This year, Cisco shares have declined 22 percent, while the Standard & Poor’s 500 Index rose 7 percent, Marshall said. -Bloomberg

News Corporation (NASDAQ:NWSA) shares fell early Monday a day after reports surfaced that British Prime Minister David Cameron is facing increased pressure to delay approval of the company’s purchase of British Sky Broadcasting Group PLC. News Corp., which bid $14 billion for the 61% of BSkyB it doesn’t already own. -MarketWatch

Walmart (NYSE:WMT) is known for its old slogan of everyday low prices, though its current motto is "Save Money. Live Better." Now, it’s moving toward "free" to draw customers into stores, using coupons, promotions and samples. The retail giant is leaning heavily on its website,, to promote the deals. Not a bad plan, given that online research firm ComScore listed as the 29th most visited site in the U.S. in May with 33.6 million unique visitors. Though it’s the world’s largest retailer, Walmart needs to juice up its U.S. sales, which have been a glaring weakness in its quarterly results of late. In its most recently reported quarter, U.S. same-store results dropped 1.1%, the eighth consecutive quarter in which they had fallen. Walmart’s revenue growth is now driven mostly by international sales, particularly in China. -Daily Finance

Italian and Spanish bonds sank, pushing the extra yield demanded by investors to hold these countries’ bonds instead of safe-harbor German bunds to the widest points since the inception of the common currency, as the debt crisis in the bloc of euro-using nations threatened to spiral and engulf larger economies. The Italian 10-year spread compared with bunds widened 0.23 percentage point to a record 2.66 percentage points, while the corresponding Spanish spread widened 0.21 percentage point to 3.04 percentage points, also a new euro-era record. The 10-year Italian bond was yielding 5.4%, while the equivalent Spanish bond was at 5.8%. -The Wall Street Journal

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