Cisco Leaps on Comments

Updated from 10:35 a.m.

Cisco

(CSCO) - Get Report

was up 8.6%, the most active stock on the

Nasdaq

, on reports that the large corporation networking market in North America is stabilizing.

Morgan Stanley Dean Witter

analyst Christopher Stix suggested this morning that the

Fed

rate cuts were having an effect on investor confidence, raising technology spending and improving the outlook for Cisco. However, the analyst added that he can't justify the company's valuation at higher prices.

Other networkers also benefited, including

Redback

, up 15.6%, and

Extreme Networks

(EXTR) - Get Report

, up 8.8%.