Shares of Cisco Systems (CSCO) are doing well Friday, up 0.5% while the overall markets are lower. Shares are up some 15% on the year. Cisco reports earnings on Wednesday after the close.

Cisco has an attractive dividend and slow but consistent growth. That growth could even accelerate under CEO Chuck Robbins, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said from the floor of the New York Stock Exchange Friday. Cisco is an AAP holding.

But the market may overlook Cisco's earnings. Why? If a big market rotation occurs, Cisco's results will likely mean very little for the time being, Cramer explained.

If that's the case -- for good or bad -- don't focus on Cisco in the short term. Cramer pointed out that there's a number of companies reporting good earnings results right now. However, because of some of the big moves in certain sectors, those results are being completely ignored.

Analysts expect Cisco to earn 59 cents per share on $12.34 billion in revenue.

At the time of publication, Cramer's Action Alerts PLUS had a position in CSCO. 

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