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The technical scorecard for stocks remains bullish, as indices at new all-time highs (and others missing by only a few points) are actually lagging advance/decline lines that have led price to new highs. Historically, when market breadth leads price, it has been bullish when looking out six to 12 months.

Arista Networks is a leading supplier of cloud networking solutions for internet companies, cloud service providers, and next-generation data centers. It generates the largest portion of its revenue from switching products that incorporate its Extensible Operating System (EOS) software.

Dour signals in the pre-market, when futures were universally lower, faded quickly once stock indices opened on Thursday. As of this writing, the DJIA, the S&P 500, the Nasdaq Composite, and the Russell 2000 are all in the green. Blue-chip stocks such as Home Depot (HD) and Caterpillar (CAT) are leading the markets. Elsewhere, weekly unemployment claims data from DOL add to the argument that the employment environment is slowing a bit. The latest claims total jumped 22,000 to 231,000, which was the highest level since last August. Still, the average number of weekly claims over the past decade is 375,000. The yield on the 10-year Treasury note is steady at 4.5%, despite the unemployment claims data. Bond traders are leery, having been burned by inflation reports (due next week) in recent months. Bitcoin is down 1% today, while gold and oil prices are ticking higher.

Arista Networks is a networking equipment provider that primarily sells Ethernet switches and software to data centers. Its marquee product is its extensible operating system, or EOS, that runs a single image across every single one of its devices. The firm operates as one reportable segment. It has steadily gained market share since its founding in 2004, with a focus on high-speed applications. Arista counts Microsoft and Meta Platforms as its largest customers and derives roughly three quarters of its sales from North America.