Cisco Slips 1.6% on CEO's Comments

Cisco Systems

(CSCO) - Get Report

was down 1.6% in early trading.

In an interview with a Swedish newspaper Saturday, CEO

John Chambers

said much of the U.S. economy is already in recession and the downturn threatens to spread.

Chambers said the

Fed

should continue to cut interests rates and he supported

President Bush's

proposed tax cut.