Chambers Again!!!!!!:
From: stan_hughes Wednesday, Sep 5, 2001 11:30 AM
Respond to of 43354
Chambers Remarks Pressure Cisco, Tech Stocks
By TSC Staff
09/05/2001 11:08 AM EDT
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Cisco (CSCO:Nasdaq - news - commentary) was down 4.4% in midmorning, the most active stock on the Nasdaq, as comments from its CEO depressed the network equipment sector and other tech stocks.
Addressing an audience in Tokyo, CEO John Chambers said the Hewlett-Packard (HWP:NYSE - news - commentary) acquisition of Compaq (CPQ:NYSE - news - commentary) was the first step in a process of consolidation that would sweep across the information technology industry. Cisco itself has seen demand for its routers and network equipment slow dramatically this year, and Chambers said that downturn in equipment spending will drive the consolidation in all segments.
Other network stocks struggling this morning were Juniper (JNPR:Nasdaq - news - commentary), down 7.6%, JDS Uniphase (JDSU:Nasdaq - news - commentary), down 5.1%, and Ciena (CIEN:Nasdaq - news - commentary), down 6.4%. Ciena was at a 52-week low of $14.10. |
