``I thought it was a great quarter,'' said Noah Blackstein, a portfolio manager with Dynamic Power American Fund with $300 million in assets. ``I thought Cisco continued to execute, continued to deliver. But the attitude in the market is good news is bad news and bad news is awful.''
In addition, Cisco indicated it would try to take total inventories down over the next one to two quarters, according to a research report from Merrill Lynch, possibly leading to a weak December quarter from some of its chip suppliers.
Among the companies that could be hurt, said the brokerage house, are Galileo Technology (NasdaqNM:GALT - news), which dropped $3-11/16 to $24-7/8, PMC Sierra (NasdaqNM:PMCS - news), which fell $25-13/16 to $128, Broadcom (NasdaqNM:BRCM - news), down $28-3/8 at $190-5/8, Applied Micro Circuits (NasdaqNM:AMCC - news), off $7-5/16 at $69-1/16 and Vitesse Semiconductor (NasdaqNM:VTSS - news), which dropped $9 to $71-3/8.
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