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Wednesday, May 12, 2004 12:52:05 PM
So to answer your question, if Greenspan said interest rates would remain stable, I think market would sell off because that would signal that the Fed is concerned we are headed back into a recession. From what I've seen in the last 2 months the market has a way of spinning all news into bad news.
Cisco Sounds A Bullish Note, Tops Q3 Views
Wednesday May 12, 10:49 am ET
By Mike Angell
Networking gear leader Cisco Systems (NasdaqNM:CSCO - News) reported better-than-expected results for its latest quarter, stoking hopes for a continued recovery in tech spending.
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Cisco Chief Executive John Chambers sounded more bullish than in recent quarters. On a conference call Tuesday, he said he was pleased by growth in orders from businesses and service providers during what's typically a slow quarter.
"This is the first major growth we've seen in a very long time," Chambers said. "My confidence remains solid and is improving."
But Chambers forecast sales of $5.78 billion to $5.9 billion for this quarter, just a tad higher than what analysts expected, though up 23% to 25% from a year ago. Some investors hoped for more. Shares fell in after-hours trading after Cisco released results.
Cisco's report sets a tone of ongoing strength through the year, said Crowell, Weedon & Co. analyst Chris Sessing, "but spending is not going to rush back. It's going to be more slow, steady."
For its fiscal third quarter ended May 1, Cisco reported earnings - minus one-time items - of 19 cents a share. Analysts forecast 18 cents. That's a 20% rise vs. year-ago pro-forma earnings of 15 cents.
Its GAAP earnings, which includes all items, rose to 17 cents from 14 cents.
The company said sales rose 22% to $5.6 billion. In February, the company said it expected sales of $5.45 billion to $5.56 billion for the quarter.
Cisco shares rose 2.9% during regular trading. But its shares have fallen from a more than three-year high of 29 set Jan. 30.
In early February, the company's fiscal second-quarter report included what investors considered a tepid outlook.
On Tuesday, Cisco said its cash flow from operations last quarter hit a record $2.4 billion, up from $1.7 billion the previous quarter and $1.3 billion a year ago.
Cisco also said inventory levels hit $1.1 billion in the quarter, its highest since 2002.
That can be good or bad. The bullish case is Cisco building inventory to meet future demand. The bearish case is products are taking longer to sell.
Sessing said firms will risk higher inventory levels rather than turn away customers. "They don't want to get caught short," he said.
The latest report also eased fears that surfaced last month, when chipmaker Cypress Semiconductor said its sales to Cisco would be flat this quarter.
But Chambers said Cisco plans to add 1,000 new employees this quarter, which would bring its total head count above 35,000.
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