NEW YORK (
(CSCO - Get Report)
was the big laggard in pre-market trading on Thursday as investors responded negatively to the networker's
The tech giant on Wednesday comfortably
Wall Street's profit estimate and edged past analysts' top-line forecast. Cisco, however, gave a weak fourth-quarter outlook, citing an uncertain macroeconomic environment.
component forecast year-over-year fourth-quarter revenue growth of 2% to 5%. Wall Street expected sales growth of 7% compared to the prior year's quarter.
Speaking during a conference call after market close, Cisco CEO John Chambers cited Europe, the public sector and India as areas of concern. Southern Europe's economic problems, he noted, have spread to northern Europe.
The weaker-than-anticipated forecast forced Cisco's shares down on Wednesday and the stock was off 7.56% at $17.36 before market open.
Cisco was also the most active premarket
stock on share volume of 1,932,041.
(SIRI - Get Report)
, however, was a Nasdaq gainer in premarket trading. Shares of the satellite radio giant climbed 1.83% to $2.22 on share volume of 318,852.
(AAPL - Get Report)
stock also crept northward on Thursday, rising 0.93% to $574.47 on share volume of 56,223.
--Written by James Rogers in New York.
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