Jim Cramer: We Downgraded Cisco
Jim Cramer explains why Cisco's quarterly results were a disappointment.
Investors may not be too pleased about Cisco's (CSCO) - Get Report latest quarterly results, said Jim Cramer, who manages TheStreet's Action Alerts PLUS Portfolio. "We downgraded it," Cramer said. "We had to, in part because orders were so weak." Cisco had a good quarter, Cramer said, but it issued guidance that was among the weakest in the technology sector. Cisco reported earnings of 61 cents a share, topping Wall Street estimates of 59 cents. Revenue of $12.4 billion also eclipsed Wall Street forecasts. Cramer spoke from the floor of the New York Stock Exchange.
