I Left My Heart in Cisco

Cisco's 10-Q indicates the company's growth could slow significantly. The Street is freakin' out.
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Cisco

(CSCO) - Get Report

freakout! A

10-Q

that came out last night indicates that Cisco's growth could slow significantly. Is this the same boilerplate or is this new? The Street is in a total tizzy about this as I write, with the stock indicated down huge.

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I just scooped some at 93, but I do so with a shudder as we frantically try to figure out whether something has really changed. All of our meetings with Cisco -- the public forums -- are running contrary to this language so my take is to buy. But one thing is certain, if I had any hair on top of my head, I would have ripped it out as this is my favorite long-term stock and I would be shocked if something really had changed.

I am used to some level of worry about CSCO's notoriously honest 10-Qs, but this one takes the cake. The poisoned cake.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.