- Though U.S. demand is starting to show signs of improvement, emerging markets remain "extremely challenged," says John Chambers at Cisco's (CSCO -2.4%) annual analyst meeting. Those comments are helping Cisco add to the losses they saw yesterday following a Citi downgrade.
- Cisco reported a 12% Y/Y drop in emerging market orders for its Oct. quarter, and 18% order drops for both China and India. John Chambers admitted at the time the NSA scandal has affected Cisco's Chinese sales, but insisted it's not a major issue elsewhere.
- Yesterday, an IBM exec provided a somewhat different macro take than Chambers, asserting the European macro climate is improving but adding North America remains "a little more uncertain."
- Chambers also issued cautious macro commentary in September.
- Meeting webcast. Presentations: I, II