Cisco shares sink as tech bellwether sees slowdown; sales forecast falls short
By APThursday, August 12, 2010
Cisco shares sink as tech bellwether sees slowdown
NEW YORK — Shares of Cisco Systems fell sharply Thursday after the network gear maker warned of a slowdown.
Cisco CEO John Chambers told analysts Wednesday that the company is getting “mixed signals” from customers. Cisco Systems Inc., based in San Jose, Calif., is a barometer for technology spending by businesses and offers a more up-to-date picture than many other tech companies because its most recent fiscal quarter ended in July rather than in June.
Cisco shares tumbled $2.62, or 11 percent, to $21.11 in morning trading.
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