NEW YORK (TheStreet) -- In a sea of red, Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report offers safe harbor for bullish investors looking to ride out the red tide.

Today in a nutshell $SPX$CSCO

? Greg Guenthner (@GregGuenthner) May. 15 at 08:48 AM

Stocks as a whole are seeing losses across the board this morning. But Cisco investors appear to be unaffected, as they react positively to the latest quarterly results released yesterday after the close. Cisco shares have shot up as much as 8% this morning, and as of 12 noon shares were up 7%, to $24.40.

Today's activity is prompting some to suggest that Cisco is quickly becoming the perceived "safety play" in the tech space:

EVERYONE is plowing into $CSCO as a safe haven tech name.

? tickertutor (@tickertutor) May. 15 at 08:34 AM

Of course, not everyone is impressed...

@GregGuenthner Something very wrong about $CSCO being the bright spot in the market.

? Dynamic Hedge (@DynamicHedge) May. 15 at 08:51 AM there are some very real fundamental concerns that need to be addressed:

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$CSCO optimism might not last long.. Q/Q sales growth trend is broken...

? (@prognolic) May. 15 at 07:47 AM

And despite today's impressive gains against the tide, sentiment on the Cisco stream took a pretty noticeable tumble from higher levels in recent days:

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At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.