Cisco falls after third downgrade in two sessions
dropped more than 3% after Merrill Lynch's Tal Liani became the third Wall Street analyst in two days to downgrade the networking giant. Liani lowered his rating to neutral from buy, due primarily to valuation. "Cisco's business remains strong in a challenging spending environment, as evidenced by trends seen at other enterprise information technology companies," Liani said in a research note. "However, with investor' expectations currently high, we make two observations: 1) We could see a moderation of the strong trends seen in the second half of 2007 as the impact of some of Cisco's smart moves begin to fade; and 2) the year-over-year comparisons will become more challenging in the second half of 2007." The stock was last down 3.3% at $27.13. The stock fell 3% on Tuesday after Banc of America Securities downgraded the stock to neutral from buy, and Prudential cut its rating to neutral weight from overweight, both due to concerns over valuation. The stock had closed Friday at $28.92, its highest level in 6 years
QQQ is falling apart, dip below 45 (last 3 day support)
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