Cisco Q1 Earnings Preview

Cisco CSCO is set to report its first quarter fiscal 2014 earnings after Wednesday's trading session. The quarterly results are typically released before 4:05 p.m. with a conference call to follow.

Management is expecting an EPS to fall within a $0.50 to $0.51 range, which is inline with market expectations. According to Whispernumber.com, the analysts estimate for its EPS matches management's guidance at $0.51 a share. Shares of Cisco fell off its 52-week highs following its latest earnings in August. The company blamed its performance that came up short of expectations on a tough global economic environment. Layoffs were also announced, causing shares to sell off. Cisco is the third largest holding in the NASDAQ-100 Index, representing 3.37 percent of the fund, its upcoming results has the ability to affect the broader technology index as well as the market as a whole.

Since the company's last quarter, shares have lost around 10 percent, compared to a 5 percent gain in the PowerShares QQQ QQQ which is the ETF that tracks the performance of the NASDAQ-100 Index. Year to date shares are still up around 40 percent and have outperformed the NASDAQ-100 ETF by approximately 10 percent.