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Up strongly over the last 3 months, Cisco (CSCO -1.5%) is off modestly after beating FQ2...

Up strongly over the last 3 months, Cisco (CSCO -1.5%) is off modestly after beating FQ2 estimates, issuing in-line guidance, and offering mixed commentary about product sales and demand trends. Nomura (Buy) thinks there's upside to gross margin guidance, and is encouraged by Cisco's aggressive software-defined networking product launches. The firm also notes commentary on EMEA was "more constructive than in prior quarters," even if regional orders fell 6% Y/Y. However, China (orders -4%) is expected to remain challenging for a few quarters. (transcript)
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