Cisco Downgrade Leads Group Lower
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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 (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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U.S. shares were seen opening weaker  on Wednesday as oil prices held near $47 a barrel, while a  brokerage downgrade on technology bellwether Cisco Systems Inc.  CSCO.O could hurt technology shares.
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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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Nortel Networks Corp. NT.TO expects  to report lower 2004 third-quarter revenues compared to the  second quarter, North America's largest maker of telecom  equipment said in a market update required by regulators on  Thursday.
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Beginning at around 5:30 EST on Thursday, AT&T's EDGE and UMTS data networks went down for reasons even now unknown to company technicians.
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The blue-chip Dow average declined  slightly, while the Nasdaq and the S&P 500 were little changed  on Tuesday as investors waited for an expected quarter-point  hike in U.S. interest rates and results from technology  bellwether Cisco Systems Inc. CSCO.O.
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TORONTO (CP) - Nortel Networks stock fell to its lowest price in more than a year Wednesday after the troubled telecommunications equipment maker again delayed its much-anticipated financial restatements, this time until mid-November.
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Morgan Stanley downgraded the airline to
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The maker of fiber optic networking gear said it had sharply narrowed its fourth-quarter loss, but its sales forecast fell short of Wall Street estimates.
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SANTA CLARA, CALIFORNIA - Cisco SystemsÂ took dead aim at data centers Tuesday at its annual Worldwide Analyst Conference, with company executives claiming many communications functions in servers would be better off moved into the network.
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Shares of Medtronic Inc.  on Thursday sank 7 percent to their lowest level in more than three months after the medical device maker posted weaker-than-expected growth in one of its key business units, sparking at least three broker downgrades.
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European equities fell on Thursday as technology shares lost ground after Cisco Systems (NASDAQ:CSCO) in the US warned of weak demand.
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Stocks fell on Wednesday after investment bank Morgan Stanley (MWD.N: Quote, Profile, Research) said quarterly profit fell, casting doubt on corporate profit growth, while a brokerage downgrade on Cisco Systems Inc.
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3Com Corp. COMS.O, a smaller rival of  telecommunications equipment maker Cisco Systems Inc. CSCO.O,  on Friday lowered its revenue and gross margin forecasts for  its fiscal first quarter, sending its shares down more than 10  percent.
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Moody&#39;s Investors Service on Thursday said it may downgrade the debt ratings for Penn National Gaming Inc. (PENN.O: Quote, Profile, Research) and Argosy Gaming Co.
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U.S. apparel chains, which are already suffering from slow back-to-school spending, on Wednesday saw their shares take a hit from a rating downgrade of industry leader Gap Inc.