Tech Stocks in Motion
Cisco (CSCO) rose after J.P. Morgan upgraded the stock to outperform and bumped up its price target to $24 from $21 a share. The brokerage said a campaign to reduce order-fulfillment times at Cisco has proven successful, which should boost execution in the second half of its fiscal year. J.P. Morgan, which has several sales and earnings estimates for the company, said Cisco should be able to beat Wall Street sales estimates in coming quarters. Recently, Cisco gained 23 cents, or 1.2%, to $19.Other tech shares seeing high trading volume Monday were Sun (SUNW), down 3% on a Sanford Bernstein downgrade; Sirius (SIRI), up 2%; Microsoft (MSFT), up 0.3%; Oracle (ORCL), down 2%; and Juniper (JNPR), down 6%. Juniper shares were downgraded at Prudential.
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