Groundhog Day

[Foxlette]

8:50AM: The market is poised for a very strong start to the session with the earnings report from Cisco (CSCO) last night the main impetus. CSCO beat the consensus estimate by $0.02 and while revenue was slightly below expectations, it came in with better than expected gross margins. The company is increasing its market share as its revenue growth rate was 2% while competitors revenue growth rate fell roughly 40%. The impact on the market has been far and wide but there also have been other positive calls in the tech arena that has added to the bullish tone. Prudential has upgraded Hewlett Packard (HPQ); CIBC upgraded both PMC Sierra (PMCS) and Applied Micro Circuits (AMCC) while ANADIGICS (ANAD) has guided higher for Q2. The S&P 500 futures are 13.8 points above fair value while the Nasdaq 100 PMI is up 43.25 points.