NEW YORK (TheStreet) -- Cisco Systems (CSCO) advanced after the company announced plans for a $5 billion bond sale, which is expected to partially fund its stock buyback effort. Facebook (FB) jumped after revealing details of its growth in overseas advertising. Nvidia (NVDA) tumbled after a Nomura analyst downgraded the stock and cut its price target.
Cisco rose 1.5% to close at $28.66.
The networking giant jumped after it announced it would initiate a $5 billion bond sale, in which part of the proceeds would be used to return capital to shareholders, according to a Bloomberg report. That anticipated move is expected to come in the form of a stock repurchase and dividend payments.
Since authorizing its $15 billion stock buyback program in November 2013, Cisco has acquired $5.36 billion of its stock, Bloomberg noted.
Facebook advanced 1.9% to end the session at $82.16.
The social networking giant climbed after its executives told Reuters that overseas advertising sales accounted for 51% of its overall global ad revenue in the first quarter. According to the Reuters report, the disclosure marked the first time Facebook has revealed the impact of its overseas ad revenue.
In particular, Asia is growing at a rate of 57% -- the fastest region for growth overseas for Facebook, according to Reuters.
Nvidia tumbled 1.8% to close at $21.47 on a day when the broader markets were up.
The graphics chip maker got hit after Nomura analyst Sanjay Chaurasia downgraded the company to neutral from buy, as well as cut its price target to $18 a share from $23, according to an Investor's Business Daily report.
In sizing up the challenges that Nvidia is facing, Chaurasia, according to a Barron's report, said there are at least three issues for the company in the second half of the year.
One challenge is headwinds with the foreign exchange rate in Europe, Japan and Latin America, where Nvidia receives a combined 30% of its sales, according to Barron's. Second, a larger competitive performance from rival Advanced Micro Devices (AMD). Last, Microsoft's (MSFT) Windows 10, combined with the graphics API DX12, is not seen as a significant catalyst to drive an upgrade among users, according to Barron's.