Cisco Systems Reaches Highest Level Since November 2007

Cisco Systems, Inc. CSCO shares are trading higher by $0.90 (3 percent) at $33.72 in Thursday's session.

The catalyst for the rally is a Q4 EPS beat of a penny along with a slight revenue beat. The company forecast for Q3 EPS surrounded the Street's estimate of $0.58.

Cisco also raised its quarterly dividend from $0.26 to $0.29 per share.

The stock's higher opening tick of $33.26 has so far turned out to be a penny from the session low of $33.25. The follow-through rally took the issue to $33.97, but has since backed off that elevated level.

That marks the highest level for the issue since it peaked in November 2007 at $34.24. It should be noted Cisco faltered to end that month at $28.02. Eventually, it went on to bottom in March 2009 at $13.61 during the financial crisis.