Cisco Down 7.9% on CEO's Comments

Author:
Publish date:

Cisco Systems (CSCO) - Get Report briefly poked into positive territory at midday before falling sharply. It was down 7.9% in midafternoon and was the most actively traded stock on the Nasdaq. CEO John Chambers sparked the downturn when he told investors at a Morgan Stanley Dean Witter conference that Cisco's outlook is less clear than it had been. He urged them to prepare for a less predictable growth rate and said the current quarter is "more of a challenge than I thought it would be six weeks ago."