From Briefing.com: 7:25AM Cisco Systems upgraded at Wachovia (CSCO) 18.86: Wachovia upgrades to Outperform from Mkt Perform following in-line results, as they think a significant mkt share opportunity exists in wireless LANs and storage, and they believe that the core business has more or less stabilized; sees valuation range at $24-$28.
7:23AM Bond Market Update : Bonds are slightly lower in early trading ahead of the second leg of the Treasury's quarterly refunding. Ten-year note presently down 3/32nd's to yield 4.40%. The Treasury will auction $18B of 5's today, ahead of $18B of 10's tomorrow. Nothing on today's economic calendar, ahead of nonfarm productivity, unit labor costs, jobless claims, wholesale inventories, and consumer credit tomorrow. Cautious overtone still warranted. Short end underperformed yesterday with 2's up 13.7 bps while 5's were up 12.6 bps, 10's were up 10.7 bps, & 30's were up 10.9 bps. As we mentioned in this week's Outlook, look for the curve to continue to flatten from its historical steepness as the market fully prices out further Fed easing; next FOMC meeting coming up Tuesday.
finance.yahoo.com
It would appear to me that Wachovia agrees with you in that CSCO should have what to me seems like a ridiculous valuation today based on the upgrade this morning.
JMHO, RtS |
