NEW YORK (
) -- The markets finished in the red Wednesday following a gloomy jobs report.
Dow Jones Industrial Average
fell 39.22, or 0.42%, to 9280.97, and the
dropped 2.93, or 0.29%, to 1002.72. The
declined 18.26, or 0.91%, to 1993.05.
The recent market euphoria was dispelled by a report from the ADP and Macroeconomic Advisors that 371,000 private-sector jobs were eliminated in July.
Melissa Lee, the moderator of
's "Fast Money" TV show, started the broadcast with some late breaking earnings news on
(CSCO - Get Report)
For a breakout on stocks from a recent "Fast Money" show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Jim Goldman, a
reporter who was listening to the conference call, said Cisco CEO John Chambers had said that revenue for the current quarter will be down 15% to 17%. Goldman said that figure is actually good because it is better than what analysts had projected.
However, Goldman, in what he called a "squishy" guidance, said Chambers backed off from saying anything conclusive about the direction of the economy.
Otherwise, Goldman said the company's report was "very positive," with $1.5 billion in expense reductions and 65% in gross margins. He said Chambers said the company was operating in the "toughest economic environment we have seen in our lifetime."
According to Goldman, the company said there is no pressure on the margins going forward. He said Chambers sees slow business conditions in Europe, which he said is a couple of quarters behind other parts of the world.