Cisco (CSCO) - Get Report was up 3.5% in early afternoon as a Reuters countered earlier reports of a buyout offer for UK equipment maker Marconi (MONI) . Citing unnamed sources close to the company, Reuters said Cisco is not in talks to buy Marconi.

The UK company's stock leaped in European trading on talk that the U.S. network equipment giant was offering $17 billion for the company. ADRs of Marconi were trading up 0.9%.