Cisco Pummeled After Soft Outlook

Updated from Feb. 6

Cisco (CSCO Quote) says its feeling the sting of a slowdown, and investors weren't wasting any time expressing their disappointment.

Following a Wednesday report where the San Jose, Calif., networking equipment maker met Wall Street's second-quarter estimates, the company told analysts that January was "challenging."

CEO John Chambers, speaking on a conference call, cut fiscal third-quarter guidance to 10% growth, down from the 15% previously expected. Chambers said the slump in demand he saw in January "may continue over the next several months." ...