Cisco says hurt by weak banks; shares dive
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Cisco Systems Inc  CEO John  Chambers said on Wednesday his company was hit by "dramatic  decreases" in orders from U.S. banks, triggering concerns about  its growth prospects and sending its shares plunging.
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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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U.S. stocks declined on Thursday, pushed down by declines in banking shares after Britain's HSBC  warned that bad debts from its U.S. mortgage lending business would hurt results.
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Cisco Systems Inc   gave a disappointing outlook on Wednesday and warned  of a rapid slowdown in U.S. and European orders, driving its  shares down 8 percent and adding to broader fears of a U.S.  recession.
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Stocks fell on Thursday as shares of financial services companies slid on concerns about the lingering effects of the credit crunch following Bank of America Corp's disappointing quarterly results.
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Cisco Systems' quarterly profit jumps 37%, but its shares fall sharply amid fears about US firms cutting network spending.
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Cisco Systems Inc. , the largest maker of communications gear to direct traffic over the Internet, on Tuesday said quarterly earnings rose, but shares fell in after market trading amid concerns about weak revenue and rising inventory.
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TORONTO (CP) - Negative economic indicators helped send stock markets lower Tuesday while two more big Canadian banks reported quarterly profits.
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U.S. shares were expected to start slightly weaker on Tuesday on caution ahead of results from networking gear maker Cisco Systems  which will set the direction for technology stocks.
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Leading shares closed sharply lower, with GlaxoSmithKline and Yell Group falling 7.6 percent and 15 percent respectively after warning on prospects in 2008, and Wall Street down on disappointing updates from Cisco and retailers.
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U.S. technology stocks skidded lower  on Monday, pushing Nasdaq to its fourth consecutive session of  losses, as weaker shares of semiconductor companies and  Autodesk Inc. ADSK.O pressured the index.
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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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UK blue chips closed lower, off the day's highs, with a weak start on Wall Street, ahead of Thursday's Thanksgiving holiday, and fading bid hopes at ITV weighing on market sentiment, dealers said.
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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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Stocks declined on Tuesday, weighed down by losses in the technology sector after microchip maker National Semiconductor Corp.  cut its quarterly revenue forecast.
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Even with a mega-loss expected, the banking giant still fell short of estimates, dragging U.S. stocks lower.
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European equities fell in line with losses on Wall Street as technology shares lost ground after Cisco Systems (NASDAQ:CSCO) in the US warned of weak demand.