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Cisco Reaches Levels Not Seen Since December 2007

Cisco Reaches Levels Not Seen Since December 2007

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Shares of Cisco Systems, Inc. (NASDAQ: CSCO) are trading higher by $2.13 at $29.06 in Thursday's session. The catalyst for the rally is a Q2 beat on earnings of $0.01 ($0.53 vs. $0.52) on slightly lower revenue ($11.89B vs. EST of $12.01). Additionally, the company confirmed an outlook that was in line with Wall Street's view.

After the announcement, the issue immediately began to move higher after a weak session on Wednesday, closing just off its low for the ($26.90) at $26.93. At the conclusion of the after-hours session, it ended on its exact high of $28.75.

The slow steady climb higher continued at the onset of the premarket session and crossed $29.00, reaching $29.12 before the opening bell. Within the first 15 minutes of the regular session, Cisco Systems climbed to $29.58. That level coincides with its December 2007 high at $29.64.

Since reaching that elevated level, profit-taking has nudged the issue under $29.00 to $28.84, before attempting to post a close over $29.00 for the first time just over seven years.

Posted-In: #premarketTechnicals Movers & Shakers Intraday Update Trading Ideas General Best of Benzinga


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