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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 75.19-0.1%Jan 16 9:30 AM EST
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To: The Phoenix who wrote (23074)2/25/1999 5:07:00 PM
From: Doughboy  Read Replies (3) of 77400
 
Merrill Lynch put out Upbeat Report on Cisco.

Here are the highlights from the 2/25 research note entitled "Upbeat Meeting with Cisco Managment," after ML met with Cisco CFO:

Positive guidance on upcoming quarter (i.e. Cisco sees no reason to change guidance from last Q conference call). Continued strong growth in enterprise (30%), small-med. biz (30-40%), and unexpectedly strong growth in service provider space (50%). Exceptionally strong business in xDSL and cable headend business.

Net Margin is rock solid 20%. Although ML has warned for some time that it expects Gross Margin to slowly erode (which it hasn't yet), net margin remains and will continue to be firm.

Alcatel business may return to Cisco. Alcatel announced a partnership with Ascend in the service provide space, but after Lucent linked up with Ascend, Alcatel may again return to the Cisco fold. Important relationship to bid on big service provider projects.

Cisco confirms that Chambers and other executives have exercised unusually large numbers of stock options because those options were set to expire.

Cisco still does not see any impact from Y2K.

Cisco is preparing for day when SEC will not allow writing off in-process R&D. Currently Cisco writes off about 60-70% of a deal. The mergers in the pipeline should not be affected by new rules because SEC pre-approved them.

Cisco has instituted system to track business on a daily basis. Only four executives will be able to track all segments (incl. Chambers and CFO Carter).
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