after-hours profit warning Monday wasn't a good sign for the networking heavyweight, but investors displayed mixed emotions about the sector as a whole in today's session.
Cisco was by far the most actively traded stock on the
this morning, with more than 106 million shares changing hands by midday. Shares of Cisco dropped $1.20, or 7%, to $15.99 in recent trading. After the bell on Monday, the company said its third-quarter revenue would
decline 30% sequentially. Cisco also said earnings should be in the "very low single digit" range. Wall Street expected the company to earn 8 cents a share and post revenue of $5.95 billion.
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was up 35 cents, or 0.7%, to $48.73, and
rose 81 cents, or 4.8%, to $17.90 on the Nasdaq.
lost 0.5%, and
traded higher by 0.8%.
added 4% to $53.60, but
fell, losing 40 cents, or 4.3%, to $9.
was off 4.6%, while
"I think its kind of a relief rally. Some analysts think that perhaps we've heard the worst", said Jay Ritter, an analyst with
. "It was widely expected that Cisco would miss its numbers." Ritter added that "it's still too early to say if corporations and phone companies will start to spend more later in the year." He said he expects the sector to "most likely bump along the bottom until we see some signs that capital spending increases."