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CSCO

Cisco Systems, Inc.

5/23/2013, 12:39 PM ET

Quote & Headlines Market Currents StockTalk

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Thursday, May 23, 7:14 AM Cisco (CSCO) is reaffirmed a Buy with $26 price target at Citigroup which says the firm's economic leverage is under-appreciated. More earnings surprises could drive the shares to $30, says the team. Cisco off 1% premarket, inline with the Nasdaq 100. Comment! [Tech]
Friday, May 17, 12:14 PM A revenue miss and light guidance lead Brocade (BRCD -4.2%) to slump. On its earnings call, Brocade guided for FQ3 revenue of $510M-$530M and EPS of $0.11-$0.13, below a consensus of $556M and $0.15. The company partly blames soft storage array sales from OEM partners (IBM, H-P, and Dell appear to be culprits, NetApp could be another). Brocade's storage switch division sales (69% of total) fell 10% Q/Q and 6% Y/Y in FQ2, in spite of growing demand for 16G Fibre Channel switches (Brocade has had a big lead on Cisco (CSCO) here, but Cisco is finally catching up). Ethernet switch division sales -4% Q/Q and +15% Y/Y. Comment! [Tech, On the Move, Earnings]
Friday, May 17, 10:16 AM Aruba (ARUN -26.8%) is slammed with 9 downgrades after providing light guidance to go with its FQ3 results. Aruba is "likely dealing with a multi-quarter, if not structural, change in its competitive landscape and growth rate," writes Needham, cutting shares to Hold. Wells Fargo, downgrading to Market Perform, notes Cisco (CSCO - 27% Y/Y Wi-Fi growth in FQ3) is extending its efforts to bundle Wi-Fi hardware with other enterprise gear to Europe/Asia, and that Aruba plans to invest more to compete better. Along with the report, Aruba announced it's buying Meridian Apps, a developer of mapping/navigation software for hotels, subways, hospitals, etc. (transcript) Comment! [Tech, On the Move]
Thursday, May 16, 5:38 PM Aruba (ARUN) -16.2% AH after guiding on its FQ3 call for FQ4 revenue $148M-$150M and EPS of $0.10-$0.12, below a consensus of $157.1M and $0.17. Management admits it's seeing tougher competition from Cisco (CSCO), which is now bundling its Wi-Fi solutions with its routers and data center products - Cisco just reported 27% Y/Y growth for April quarter Wi-Fi sales. Aruba now -34% since its May 7 warning. Comment! [Tech, Earnings, On the Move]
Thursday, May 16, 9:14 AM Premarket gainers: RGDX +24%. EGLE +23%. EFUT +19%. TSLA +13%. CSCO +13%. SCTY +11%. DQ +9%. HALO +8%. DANG +7%. AV +7%. YRCW +8%. NBG +7%. KSS +7%. SPWR +6%.
Losers: NCT -53%. SNFCA -24%. AMD -10%. NQ -7%. CYCC -5%. Comment! [On the Move]
Thursday, May 16, 7:38 AM Cisco (CSCO) is now up 9.4% premarket following last night's earnings and guidance. Lazard's Ryan Hitchinson notes guidance was light, but likely beat a lot of the whispers out there. He also believes management is remaining conservative amid improving demand trends. A bellwether no more, Cisco's moonshot is having little effect on the QQQs, which are barely green at the moment. 6 Comments [Tech, On the Move]
Wednesday, May 15, 5:53 PM After-hours top gainers, as of 5:30 p.m.: CSCO +8.5%. TSLA +5.1%. LMCA +4.9%. ABX +3.7%. GOLD +3.7%.
After-hours top losers: NQ -8.3%. CASH -4.9%. ACXM -3.9%. MBTF -3.3%. CTSH -3.2%. Comment! [On the Move]
Wednesday, May 15, 5:32 PM More from Cisco's (CSCO) call: Orders +4% Y/Y, better than FQ2's flat growth. Americas +7% (+2% in FQ2) with U.S. public sector +5% after many quarters of weakness. EMEA flat, better than FQ2's -6%. Asia-Pac/Japan +1%, down from +3% due to tough comps and China issues. "Emerging countries" +13%, aided by India's +29%. Book-to-bill around 1. Switch revenue -2% Y/Y as campus weakness (share loss?) offsets data center/10G strength. Routers flat. Wi-Fi +27% in spite of warnings from ARUN and RKUS; carrier Wi-Fi +100%. Data center +77% as UCS servers keep gaining share. Security -4%. The carrier capex environment is still soft, but Cisco claims share gains. Product mix impacted gross margin guidance. (previous) Comment! [Tech, Earnings]
Wednesday, May 15, 5:00 PM Cisco (CSCO) guides on FQ3 call (webcast) for FQ4 EPS of $0.50-$0.52 and revenue growth of 4%-7%, which compares with a consensus of $0.51 and 6.9%. Revenue growth will take a 1% hit from the Linksys sale. Gross margin is expected to drop to 61%-62% from FQ3's 63%. Shares +7.9% AH. JNPR +1.6%. BRCD +1.1% CIEN +1.5%. 1 Comment [Tech, Earnings, On the Move, Breaking News]
Wednesday, May 15, 4:24 PM Cisco (CSCO) +5.3% AH in response to its FQ3 beat. John Chambers says the networking giant is seeing a "slow, but steady economic environment." Product sales (78% of total) +5% Y/Y (+3% in FQ2), services sales +7% (+10% in FQ2). $860M in buybacks took place, up from FQ2's $500M and boosting EPS. Non-GAAP gross margin was 63%, down slightly Y/Y but up from FQ2's 62.3% and above a guidance range of 61%-62%. R&D spend +14% Y/Y, no doubt thanks to heavy software investments. Sales/marketing spend roughly flat. CC at 4:30PM ET (webcast), guidance should be provided. 1 Comment [Tech, Earnings, On the Move]
Wednesday, May 15, 4:05 PM Cisco Systems (CSCO): FQ3 EPS of $0.51 beats by $0.02. Revenue of $12.2B beats by $0.02B. (PR) 1 Comment [Earnings, Breaking News, Tech]
Wednesday, May 15, 1:23 AM IDC cuts its 2013 IT spending growth forecast to 4.9% from 5.5%, citing macro issues and weak PC demand; 2012 growth was 5.6%. Gartner, which includes a bigger array of products/services in its numbers, forecast 4.1% growth last month. IDC now sees U.S. software spending (MSFT, ORCL) growing 6%, down from a prior 7%. Storage hardware revenue (EMC, NTAP) is only expected to grow 2.4%, down from 2012's 6.1%, and carrier spending on networking gear (CSCO, JNPR, ALU, CIEN) is expected to grow just 1.1% vs. 5.8% in 2012. Recent earnings reports and warnings (I, II, III, IV) help explain the subdued outlook. 2 Comments [Tech]
Wednesday, May 15, 12:10 AM Notable earnings after Wednesday’s close: ANW, CSCO, EGLE, JACK, NTES, SB, SKX, SVM, THMC, YOKU Comment! [Earnings]
Tuesday, May 14, 5:35 PM Notable earnings after Wednesday’s close: ANW, CSCO, EGLE, JACK, NTES, SB, SKX, SVM, THMC, YOKU Comment! [Earnings]
Monday, May 13, 12:53 PM FBR has upgraded Cisco (CSCO +0.3%) to Market Perform ahead of Wednesday's FQ3 report. Less than 2 months after downgrading Cisco and Juniper (JNPR -0.5%) on a belief software-defined networking (SDN) will drastically lower switch/router demand, the firm says talks suggest SDN overlay solutions - Cisco, Juniper, and VMware (VMW) are pushing them - are gaining traction relative to products requiring big hardware changes, and that this should limit near-term sales pressure. Though rivals doubtlessly disagree, Cisco has been arguing its SDN solution can offer superior intelligence, thanks to its integration with Cisco hardware. (switch competition) 1 Comment [Tech]
Monday, May 13, 1:36 AM Plenty of companies are taking aim at Cisco's (CSCO) Nexus data center switch business. 1) H-P (HPQ) has updated its networking lineup to include a "virtual router" running on commodity hardware, to offload tasks handled by server virtualization software (Cisco also supports this), and to embrace software-defined networking. 2) Startup Arista has launched a high-density switch that (aided by FNSR optics) can handle 96 100G or 1152 10G ports in an 8-slot chassis. 3) Huawei has launched 16-slot switches that can handle 192 10G ports, and can be clustered. 4) Facebook's Open Compute Project is now working on a data center switch meant to handle virtually any software. Cisco is hoping to return fire via its Insieme unit (I, II). Comment! [Tech]

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