According to a joint release, the agreement permits both companies to use the iPhone trademark on their products. Both companies will recognize the trademark rights granted and both sides will dismiss any pending actions. The release also notes that "Cisco and Apple will explore opportunities for interoperability in the areas of security, and consumer and enterprise communications."
On Tuesday, Cisco agreed to give Apple until Wednesday to file its legal response to Cisco's claim that its new iPhone mobile handset infringes on a Cisco trademark.
Cisco shares closed Wednesday at $27.38, down 28 cents. Apple's stock ended the day at $89.20, up $3.30.