csco's guidance was at least good, its all about the fact that the street doesn't believe they can make the numbers they have projected for the next year since it assumes increasing strength after 4-6 months out. The attitude the last week to the telecom equip reports has been very much like the reaction to good semi reports in summer 2004: the reports are good,(brcm, qcom, jdsu, csco, pmcs, rfmd, etc), but we don't believe guidance, which in part assumes increasing strength after 3 months. In summer 2004, the companies ended up right, but the street successfully took the stocks down a lot for 2 more months before the big rally, so investors still had to be traders to do well. I dunno what will happen this time, just pointing it out.
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