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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 77.38

-0.5%

Nov 18 3:59 PM EST

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To: jerryrom who wrote (51531)	4/16/2001 8:26:52 PM
From: Craig Lawler	Read Replies (2) of 77400

The conference call was great... They dodged so much and said wait until May 8th and we will go into details. They would not address the Vendor financing question that one analyst asked and they are assuming that a turn around by year end will reduce inventory to around 700-$800 mil. That is their target. Sorry, how is this going to happen when they admitted there is a technology shelve life to their components and they expect flat to 10% reducing next quarter. Chambers was so blue sky it was making me sick. This was not a flush, this was just a little piss in the water. They are praying things will change otherwise more write downs next quarter IMHO. On person asked about that 30-50% growth rate and Chambers danced. Basically, the called got him to agree that the growth rate could be from where CSCO bottoms out, not from their previous highs... although in typical Chambers fashion, he said, it could be possible. What scares me is how they did not address vendor financing completely or VC investments.

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