Cisco Plunges 10.1% to 52-Week Low
Cisco Systems
(CSCO)
was down 10.1% in early trading after hitting a 52-week low of $31.28.
After the close Tuesday, the company posted second-quarter results that missed estimates by 1 cent, the first earnings miss for Cisco in three years. Sales also fell short of the Street's estimate.
In addition, the network equipment maker said growth would come to a halt in the next six months.
Several analysts piled in with downgrades and estimate cuts.
Other network companies were down as well.
Sycamore
(SCMR)
hit a 52-week low of $25.25.
Analysts said contract electronics manufacturers would also be hurt by Cisco.
Jabil Circuit
TheStreet Recommends
(JBL)
was down 7.3%.
Celestica
(CLS)
was down 4.3%.
Communications chipmakers were also affected.
PMC Sierra
(PMCS)
was down 6.3% and
Broadcom
undefined
fell 3.2%.
