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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 76.86

-1.2%

11:50 AM EST

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To: The Phoenix who wrote (47996)	2/5/2001 3:44:03 PM
From: GVTucker	Read Replies (2) of 77400

The point isn't why LU tanked. The point is that LU was tanking, and it was very obvious from the balance sheet. The company started missing earnings about 6 months after the balance sheet began seriously deteriorating. That is why people reacted so harshly to CSCO's recent 10-Q. While I don't think that CSCO's business is deteriorating--certainly not to the extent LU's was--the fact is that there were some balance sheet smoking guns last quarter. While there are certainly good, logical business related explanations, as you have pointed out, there are also bad, logical business related explanations. Given CSCO's valuation, there are a lot of people out there that decided that they weren't willing to wait another 3 quarters for more assurance. It is possible that the last quarter was just a blip on the ever rising CSCO boat. It is also possible that last quarter was the inflection point. To not understand both sides is very dangerous.

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