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Power One Up 7% on Upbeat Outlook and Reassurance of Business With Cisco

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Power One

(PWER)

was up 6.8% in early trading after it said its business from

Cisco Systems

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continued to grow.

Power One had been beset by rumors that Cisco, its largest customer, was canceling or postponing orders because of a backlog of Power One products. The company, which makes power conversion devices, said it is confident in its foruth-quarter and 2001 outlook.