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Cisco Systems announces steep shares drop
Friday, May 11, 2012
Shares of Cisco Systems dropped suddenly following the release of a disappointing sales outlook for the first quarter this year.
The company's stock dropped nearly 7 percent in premarket trading on May 10 after executives said in a conference call they expect sales to only grow between 2 and 5 percent during the company's its fiscal fourth quarter.
“Elongated sales cycles and tightening budgets are impacting the pace of new order growth, with orders decelerating for the second straight quarter,” Troy Jensen of PiperJaffray, wrote in a research note. “Overall, Cisco’s results highlight a difficult IT spending environment but pockets of growth should appear in the 2012 second half with a hopeful resumption of telco spending."
Another major playor in the stock market is Facebook. According to Bloomberg, the social networking website is bracing for its initial public offering but received weaker than expected demand from initial reports.
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