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Cisco Systems said Wednesday it intends to acquire Silicon Valley Internet of Things startup Jasper Technologies Inc. for $1.4 billion in cash. Jasper allows companies to manage connected objects through cellular networks with a cloud-based software program, and was valued at $1.4 billion in its most recent round of venture funding, according to The Wall Street Journal. “I am excited about the opportunity for Cisco and Jasper to accelerate how customers recognize the value of the Internet of Things,” Cisco Chief Executive Chuck Robbins said in the announcement. Jasper CEO Jahangir Mohammed will helm a new Cisco business unit focused on IoT software, reporting to senior vice president Rowan Trollope. The deal, which also includes assumed equity awards and retention-based incentives, is expected to close in the current fiscal quarter, Cisco said.

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WASHINGTON (MarketWatch) — Federal Reserve Gov. Lael Brainard on Wednesday said the central bank may need to stop lifting interest rates until it gets better clarity on the economy. “Recent developments reinforce the case for watchful waiting,” Brainard told The Wall Street Journal. Brainard, who gets a vote at every interest-rate-setting meeting, is known as one of the more dovish members of the Federal Open Market Committee.

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Buffalo Wild Wings Inc. shares declined in the extended session Wednesday after the buffalo-wing chain fell short of Wall Street estimates on its quarterly results and outlook. Buffalo Wild Wings shares fell 2.7% to $139 on heavy volume after hours. The company reported fourth-quarter earnings of $1.32 on revenue of $490.2 million. Analsyts surveyed by FactSet had forecast earnings of $1.48 a share on revenue of $507.9 million. The company forecast 2016 earnings of $5.95 to $6.20 a share, while analysts are expecting $6.48 a share.

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CBS Corp. late Wednesday announced Sumner Redstone, chairman of CBS, resigned on Tuesday and has been named chairman emeritus. The board has already approved President and Chief Executive Leslie Moonves as his successor. The position was originally offered to Redstone’s daughter, Shari, who turned down the job. Shares of CBS jumped more than 3% in after-hours trading.

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Former Pennsylvania Sen. Rick Santorum is dropping out of the race for president, CNN reported Wednesday. Santorum, a Republican, is expected to make the announcement on Wednesday night. His decision comes following an eleventh-place finish in the Iowa caucuses earlier this week. Santorum won Iowa in 2012.

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Chipotle Mexican Grill Inc. was upgraded to outperform from market perform at Wells Fargo based on the historical case studies showing that the majority of restaurants that have had food safety issues have recovered from them. Case study analysis of the last 25 years show that “same-store sales declines can be cut in half six months after the incident,” analysts wrote in a note published Wednesday. That recovery is usually coupled with increases in share price. On Feb. 8, Chipotle will launch a marketing campaign to start its comeback. “Our confidence in Chipotle’s ability to drive improved same-store sales trends in coming quarters rests squarely on Chipotle’s aggressive efforts to claw back lost sales,” the note said. Chipotle shares are down 6.5% in Wednesday trading and down 38.8% over the past 12 months. The S&P 500 is down 7.8% for the past year. Chipotle was also upgraded by Bank of America on Wednesday.

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