Paul, thread, article says announcement tomorrow with Cisco relating to Gigabit Ethernet. Author makes it sound like Gigabit Ethernet is new. A lot of announcements these days.
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Monday May 21 3:05 PM ET
Cisco Soars As Investors Eye Tech Firms
NEW YORK (Reuters) - Shares of Cisco Systems Inc. (NasdaqNM:CSCO - news), the No. 1 maker of data-networking gear, surged to a level unseen since March on Monday as investors warmed up to big technology companies they had shunned earlier this year.
``Money seems to be moving into Big Tech,'' said Tim Ghriskey, senior portfolio manager with Dreyfus Corp., a leading mutual fund firm.
Cisco stock rose $2.25, about 11 percent, to $22.45 in late-day trade on the Nasdaq. Other big technology issues jumped as well, with network computer maker Sun Microsystems Inc. (NasdaqNM:SUNW - news) soaring $2.62, about 13 percent, to $22.59.
The tech-heavy Nasdaq rose 87 points, or about 4 percent, to 2,286.
Earlier in the day, Cisco unveiled an adapter that lets telecommunications companies provide advanced services, such as a second line and Internet voicemail, to their high-speed Internet customers.
The company is set to give a presentation on Tuesday with top chip maker Intel Corp. (NasdaqNM:INTC - news) on the development of a fast data transport technology called Gigabit Ethernet.
Cisco stock has languished over the past few months, and Monday's rally marked the first time the stock has pushed above the $21 mark since March.
The company's shares had shown strength at the end of last week and have managed to hold above a so-called resistance level, a term used by some technical stock analysts to mean a price the stock has trouble surpassing.
``Cisco ended the week on a technical buy signal,'' said Richard Stuttmeier, chief market strategist for Joseph Stevens & Co. Inc
dailynews.yahoo.com
Tony |
