Though many names with telecom capex exposure are off today in sympathy with Adtran, Cisco (CSCO...


Though many names with telecom capex exposure are off today in sympathy with Adtran, Cisco (CSCO +2%) is rallying thanks to bullish Morgan Stanley remarks about enterprise/government sales. A survey of Cisco resellers found 50% reporting business has been above plan over the last 3 months, and only 7% claiming it's been below plan. Also, MS' checks indicate U.S. federal sales have been "stronger than seasonal." The firm does caution, however, that EMEA "remains a weak spot."

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