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Pastimes : Home on the range where the buffalo roam
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To: mishedlo who wrote (11880)3/25/2001 9:21:46 PM
From: DaYooper  Read Replies (1) of 13572
 
Mishbear will love this news: <g>

Cisco sees US downturn continuing, spreading - FT

LONDON, March 26 (Reuters) - Cisco Systems Inc. <CSCO.O> chief executive John Chambers was quoted on Monday as saying the U.S. economic downturn would continue for a least three quarters and that there were signs of it spreading.

The head of the number one maker of networking equipment for the Internet told the Financial Times in an interview that the outlook for the U.S. economy had deteriorated significantly since Cisco warned in January that it expected the downturn to last two quarters or more.

"Now we are saying that it will last for at least -- at least -- three quarters," Chambers said.

Chambers said the company had seen the issues expand to Asia Pacific and that it saw the early signs in Europe.

He urged U.S. government agencies to take more drastic remedial action.

Cisco saw its stock fall to a new 52-week low on Friday after analysts cut earnings estimates because of the economic downturn.

The New Economy's bellwether stock dropped to $18-11/32 -- below its previous 52-week low of $18-3/8 -- before closing down $1-1/16, or 5.38 percent, at $18-11/16 on Nasdaq. It hit its all-time high of $82 last March.

19:05 03-25-01
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