Get ready to hear about

Cisco

(CSCO) - Get Report

. After the market closed yesterday, the networking giant said it missed earnings expectations for the first time in three years. Worse, the company said revenue growth would grind to a halt in coming periods.

The industry's slowdown has now hit one of the market's darlings.

TheStreet.com's

Scott Moritz

took a close look at what

Cisco's news means.

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The news dragged down stock futures this morning. At 6:45 a.m. EST, futures for the large-cap

Nasdaq 100

were down 54 to 2436, almost 51 points below

fair value. This indicates weakness in tech stocks today. Futures for the

S&P 500, which track the broad stock market, were off 5.70 to 1350.60, about 7 points below fair value.

Fair value is a good gauge of how stocks will trade in early action. This morning, signs point south.

Cisco is off 11.2% to $31.75 in preopen trading on

Instinet

, the electronic brokerage where investors can get in their trades before the opening bell. The company's 52-week low is $31.94. Competitor

Juniper

(JNPR) - Get Report

lately was off 5.1% in early trading.

On the battered chip front,

PMC-Sierra

(PMCS)

was lower by 6.9%. And chipmaking giant

Intel

(INTC) - Get Report

was off 2.9%.

Cisco's impact was being felt far and wide. Stocks in Europe were lower, in part, on the news. Also,

France Telecom

(FTE)

said it is cutting the valuation of its initial public offering for its mobile phone group. The

FTSE

in London was lately off 70.10, or 1.11%, to 6223.30. Through the Chunnel, the French

CAC-40

was losing 75.86, or 1.3%, to 5776.49 and the German

DAX

was falling 80.55, or 1.2%, to 6612.48.

Asian markets, however, finished higher. The

Hang Seng

was up 136.23, or 0.86%, to 16,049.47 and the

Nikkei 225

gained 96.16, or 0.72%, to 13,366.01.

For more on global markets, see

TheStreet.com's

global indices.

And for more on our after-hours coverage, check out Diane Hess' insight into Monday's market in

The Night Watch.