CSCO May Decide The Fate Of The Market Today
Cisco (NASDAQ: CSCO) is attracting the market's attention because it is among the first few major technology companies involved in enterprise spending to report results for the latest quarter. The performance of and outlook for CSCO have been historically used as a barometer to gauge corporate spending on technology infrastructure, such as routers and switches. Wall Street analysts expect CSCO to declare revenues of $9.4 billion, a marginal improvement from the $9.1 billion posted a year ago.
Analysts and investors are also hoping for signs of a recovery in corporate spending by big CSCO customers. When the company reports its results today, it could become a victim of a correction if the outlook or even the tone used by CEO John Chambers is disappointing. Better-than-expected results may start a new rally for CSCO’s stock, which has languished for the past three months. With the stock, the broad market may also receive a thrust.
CSCO was trading at $23.02 at market close yesterday.
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