Tag Archives : stock

For Cisco Stock, ‘Air Pockets’ Trigger Historic Fall

SAN FRANCISCO (MarketWatch)–Cisco Systems Inc. (CSCO) Chief John Chambers blamed “air pockets” in the market for the company’s weaker-than-expected outlook, suggesting the setback was very temporary.

But the unexpected, and unusual, miss for the tech bellwether–which Chambers attributed partly to weak public sector demand–was so surprising for Wall Street that Cisco’s took its biggest one-day drop in 16 years.

Cisco shares were down 16.2% to close at $20.52 Thursday, the steepest decline since July 1994, according to data from FactSet Research. News by Wall Street

From the Business week
Nov. 11 (Bloomberg) — Disappointing sales and profit forecasts from Cisco Systems Inc. show cutbacks in government spending that pose risks for companies that rely on the sector for growth.

Governments in Europe, Japan and some U.S. states reduced orders as their budgets came under pressure, said John Chambers, chief executive officer of the world’s largest computer networking-equipment maker. State government orders fell 48 percent in the last quarter from the previous period, he said.

Shares slip as Cisco weighs on US stocks

Australian shares are have opened lower after Wall Street fell on a weak outlook from technology giant Cisco.

In early trade, the benchmark S&P/ASX200 index fell 18.4 points, or 0.4 per cent, to 4710.2 and the All Ordinaries dropped 16.1 points, or 0.3 per cent, to 4794.2.

The dollar fell below parity overnight, as growing worries over euro-zone debt strengthened the US dollar. The Aussie was recently trading at 99.77 US cents. News by Sidney Morning Herald

AP By AP Hewlett-Packard Co. is trying to outbid Dell Inc. to buy the data storage provider 3Par Inc. Here are some details on 3Par: A: 3Par makes and sells “storage utilities,” or groups of specialized computers designed to store data that are … (A Few Questions and Answers About 3Par’s Business) Hewlett-Packard said Monday it has submitted a bid to acquire 3PAR for $24 in cash, for a total of $1.6 billion. The bid is a 33% premium above the $18 per share Dell offered last week. Shares of 3PAR are higher by 42%. From the Hawlett-Packard co headline news.

HP Is So Subpar It Overpays for 3PAR – Today’s Outrage – If HP(HPQ) is trying to show that it’s not on auto pilot under an interim CEO, then the decision to battle Dell (DELL) for 3PAR(PAR) is an expensive way to do it. … Hewlett-Packard this morning said it has submited a $1.6 billion bid to buy 3Par, just a week after Dell had agreed to buy the virtualized storage maker for $1.15 billion from HP bids $1.6 billion for 3Par.