Cisco Rises After-Hours; Blockbuster IPO Priced Below-Range
OK, everyone ... exhale. Closely watched Cisco (CSCO Quote) reported fourth-quarter earnings just a notch better than expectations, but considering all the pre-earnings anxiety in the Nasdaq Stock Market the news will be music to a lot of tech-tuned ears.
Excluding extraordinary items, Cisco said fourth-quarter earnings were 21 cents a share, a penny better than the 30-analyst estimate, and up from 16 cents a year ago.
Ahead of the news, Cisco was the most actively traded issue on Nasdaq today, with 38 million shares changing hands, and the stock stumbling 1 1/8 to 58 3/4 as investors worried about the potential impact of less-than-happy news. But following earnings news, things were looking brighter, and the stock reportedly was trading at 60 7/8 in after-hours activity.
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