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To: Glenn D. Rudolph who wrote (121833)	3/27/2001 12:12:48 AM
From: Skeeter Bug	Read Replies (1) \| Respond to of 164684

gdr, don't know. i did know it was a stock deal w/o being told, though. wonder why? ;-) have you visited this thread... Subject 34445 it is lots of fun... and william isn't invited per thread rules ;-)

To: Glenn D. Rudolph who wrote (121833)	3/27/2001 12:13:42 AM
From: Mark Fowler	Read Replies (1) \| Respond to of 164684

Cisco chief warns US downturn is set to continue By Edward Luce and Louise Kehoe in San Francisco Published: March 25 2001 19:39GMT \| Last Updated: March 26 2001 02:01GMT The US economic downturn will continue for "at least three more quarters" and possibly longer, according to John Chambers, the chief executive of Cisco Systems and one of the leading business executives in Silicon Valley. Mr Chambers said in an interview with the Financial Times that the outlook for the US economy had deteriorated significantly since Cisco - the leading supplier of computer networking equipment - warned in January that it expected the downturn to last for two quarters or more. Cisco shares fell by $1.06 to $18.69 on Friday amid rumours the company would issue a further profits warning for its third quarter results in May. Although Mr Chambers did not warn on profits, his comments are likely to fuel the anxiety about the deterioration of the US economy that prompted sharp global stock market falls last week. The company, which is considered to have one of the most advanced "real-time" internal systems for monitoring day-to-day worldwide customer demand, missed its quarterly earnings target last month for the first time in six years. As recently as November Cisco enjoyed a growth rate of over 70 per cent. By February orders had dropped below those of the same month last year. It may have been the "fastest deceleration that any company had ever experienced," Mr Chambers said. "We thought this [downturn] would last for two quarters. Now we are saying that it will last for at least three quarters. "The slowdown that we saw in January is continuing in February and March. We have seen the issues expand to Asia-Pacific and we see the early signs in Europe." America's National Association of Business Economics, in a six-monthly economic policy assessment to be released on Monday, said for the first time in nearly five years that it had "major reservations" about the conduct of monetary policy. Thirty-four per cent of the group's 267-member policy panel said that it was "too tight", up sharply from 9 per cent in August. Mr Chambers, known as a close supporter of President George W. Bush, urged US government agencies to take more drastic remedial action. One "big problem", he said, is that "business leaders are making decisions based on real time data, while governments are making decisions based on data that often lags by one to three months, and old economy data rather than new economy data."