Cisco double drops with second social network buy
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Burning cash festival Cisco tossed the market another curve ball over the weekend, when it swooped on Utah Street Networks, the San Francisco-based outfit behind soap dodger-friendly social network Tribe.net.â¦
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Cisco (CSCO:Nasdaq - news - research) disappointed Wall Street Tuesday with a first quarter profit that was merely in line with estimates, rather than the customary penny ahead.
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Shares of networking giant Cisco Systems Inc. led an overall decline in the tech sector in Wednesday trading after an analyst downgraded the stock and highlighted warning signs for slowing sales in the coming months.
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Cisco (NASDAQ: CSCO), the worldwide leader in networking that transforms how people connect, communicate and collaborate, reported its second quarter results for the period ended January 27, 2007.
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A weak forecast from Cisco marked another roller-coaster week for technology companies on the stock market.The Nasdaq, home to many tech companies, suffered a gut-wrenching 3.1 percent drop Tuesday after a U.S. service sector report showed a decline in the nonmanufacturing index from December to January. Though the index recovered somewhat during the rest of the week, the Tuesday drop was yet another demonstration that IT investors are worried that a broad economic slowdown will affect technology. The decline in the nonmanufacturing sector was the first such drop since the beginning of 2003.Cisco&#39;s earnings report&#160;on Wednesday reinforced concerns that the broader economy will have an impact on IT. Cisco forecast revenue for its current fiscal quarter to increase 10 percent, compared to analyst consensus expectations of 15 percent, according to Thomson Financial. On a conference call with analysts, CEO John Chambers said the upcoming quarters will be &quot;extremely challenging.&quot;Confirming fears of market watchers, he also noted that &quot;we are seeing our U.S. and European customers becoming increasingly cautious.&quot;However, sales for the fiscal quarter ending Jan. 26 were up by 16.5 percent to $9.8 billion. The company has been saying for some time that it will sustain double-digit growth through the rest of the decade by incorporating data, voice, video, and mobile capabilities -- its &quot;quadruple play&quot; -- across product lines.Despite the muted forecast, market watchers still have faith in the company. Company shares rose slightly the day after the report, closing at $23.38, up by $0.30.The &quot;quadruple play&quot; pitch still resonates with analysts, and several company watchers noted that Cisco shares have declined along with the wider market over the last few months, giving it a good valuation for long-term investors. Pacific Crest analyst Tim Daubenspeck upgraded the stock to &quot;Outperform&quot; from &quot;Sector Perform.&quot;&quot;Ultimately, we believe that many of the drivers are firmly in place for Cisco to achieve its long-term growth forecast of 12 percent to 17 percent,&quot; he said in a research note.Chambers&#39; cautious forecast, however, could have a bad effect on its suppliers and customers, including electronics manufacturing services and telecom companies. On Thursday, Qwest Communications dropped $0.29 to close at $5.27, Sprint Nextel declined by $0.6 to close at $9.56, and Nortel Networks dropped $0.55 to $10.99.In other telecom-sector news,&#160;Alcatel-Lucent&#160;on Friday said revenue for its fourth quarter increased 18 percent to $7.61 billion. The company, however, suffered a net loss of $3.76 billion, mainly because of a writedown related to the shrinking value of assets from Lucent. Company shares declined by $0.29 to $5.96 in midafternoon trading.Citigroup Global Equity Research said that the Cisco forecast does not bode well for electronics manufacturing suppliers. &quot;Simply put, this is not good news for EMS [electronics manufacturing services] companies,&quot; wrote Citigroup&#39;s Jim Suva in a research note.Such companies include Jabil Circuit, Celestica, and Smart Modular Technologies, he noted.In other technology sectors, Time Warner&#39;s plans to&#160;split up the Internet access and audience businesses of its AOL unit, reiterated by CEO Jeff Bewkes Wednesday, gave a temporary boost to Time Warner shares. Time Warner wants to grow AOL&#39;s ad-supported audience business, including online services and content.The company had said before that it would at some point run the two businesses as separate entities, to better focus on the advertising business. Nevertheless, company shares rose $0.31 Wednesday to close at $15.71.But the company has an uphill battle. In the fourth quarter, AOL&#39;s ad revenue increased 18 percent, less than the 25 percent industry average. And it faces not only Google, but a potentially strengthened Microsoft, if its&#160;bid to buy Yahoo&#160;succeeds.
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Cisco Systems Inc. is continuing to buy its way into social networking, acquiring some assets of the company that operates Tribe.net while letting the site remain independent.
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Finally a use for BEA It's a head-scratcher of a deal. Two big names in the same market with overlapping offerings. Surely the only justification for spending so much money is to buy customers to leapfrog the industry number one.â¦
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Blog: As rumored, the two companies have been acquired--not by MySpace, but by the social network
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I love Twitter, but there have been a lot of problems, and this is too much. They're taking it down tonight, for two hours, and we're hot on a big story, and it's developing -- on Twitter. This seems like a bad night for Twitter to go to sleep. (But there probably never is a good night.) I don't think the Twitter guys really understand how much we're doing with their service.  It's been going down a lot lately. And while other people have been complaining about it losing posts, I had never seen it lose one, until yesterday, and now it's losing them regularly, for me too. Read the first three words of this post again.  They raised $5 million, it seems now it's time for them to get the bugs out, hire some people who really understand scaling, if necessary re-implement the system from the ground up. Do whatever is needed to make it as reliable as the other tools we depend on. We need Twitter to work. It's not a fun experiment for us, we're using it.  Jack, Ev, Biz, Fred -- please take note. Postscript: The announcement changed, now they're saying it'll be down on Sunday night. Much better. Thanks!
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Plus: Cisco posts higher quarterly profit...RealNetworks reports leap in quarterly earnings...Time Warner earnings perk up. Check back for latest.
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U.S. stocks tumbled on Wednesday, led  by a slide in tech shares after a disappointing report from  bellwether Cisco Systems Inc. CSCO.O triggered investor  concerns about industry demand.
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Fourth buy of the year Cisco is continuing its buying spree, paying $135m in cash and options for Reactivity.â¦
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InfoWorld - Cisco Systems is continuing to buy its way into social networking, acquiring some assets of the company that operates Tribe.net while letting the site remain independent.
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For the second quarter in a row, No. 1 network-gear maker Cisco (CSCO) reported record profit but saw some signs of economic weakness.
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By JOE BEL BRUNO  NEW YORK - Wall Street fell for a second straight session Tuesday as National Semiconductor Corp. issued a profit warning that sent technology stocks tumbling, and investors awaited results from networker Cisco Systems Inc.
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By JORDAN ROBERTSON  SAN FRANCISCO - Cisco Systems Inc.'s second-quarter profit surged nearly 40 percent as the world's largest maker of networking gear benefited from equipment upgrades to support bandwidth-hogging video downloads.  For the quarter ended Jan.
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Investor's Business Daily - Networking giant Cisco Systems may be in short-term pain. But it's looking past that to long-term gain.