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Strategies & Market Trends : The Thread
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To: DebtBomb who wrote (37092)3/13/2001 8:54:01 AM
From: 2MAR$  Read Replies (2) of 49816
 
From the Merill conference: Cisco CEO -2: Sees Wider Range Of Street Views >CSCO


By Peter Loftus
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Cisco Systems Inc.'s (CSCO) pace of customer orders in
the first six weeks of its fiscal third quarter has been as slow as it was
in January, Chief Executive John Chambers said Tuesday.
"We're seeing no turnaround in terms of orders," Chambers said in a
presentation at the Merrill Lynch Global Communications Conference here.
The slowdown in January caused the San Jose network equipment maker to miss
analysts' earnings and revenue estimates for its second quarter ended Jan.
27. Chambers didn't offer a new outlook for the third quarter, but said he
expected a wider range of analysts' estimates for the rest of fiscal 2001
and into 2002. He was echoing comments made last week by Chief Financial
Officer Larry Carter, when Cisco announced job cuts representing 11% to 17%
of its workforce.
Some analysts have interpeted such comments to mean that Cisco expects lower
estimates. Last month, Cisco said it expects third-quarter revenue to either
be flat with or fall 5% from the second-quarter's $6.75 billion. But some
analysts now expect it to drop more steeply.
"There's no question - we got knocked on our tails," Chambers said Tuesday.
Cisco shares closed Monday at $18.81, down $1.81. The shares set a 52-week
low of $18.38 intraday. In pre-market trading, Cisco traded at $19.25,
according to The Island ECN Inc.

(MORE) DOW JONES NEWS 03-13-01
08:52 AM
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