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Technology Stocks : Power One: PWER (new S&P 500 member)leader of the Powercosm -- Ignore unavailable to you. Want to Upgrade?

To: powerchip who wrote (34)	3/28/2001 9:47:52 AM
From: powerchip	Respond to of 35

Related Quotes CSCO DJIA ^IIX NASDAQ ^PSE S&P 500 16 21/32 9807.70 177.80 1922.67 696.31 1182.17 -1 15/32 -139.84 -10.09 -49.59 -18.08 0.00 delayed 20 mins - disclaimer Wednesday March 14 10:34 AM ET Cisco Sees Slower Capital Spending Photos Reuters Photo BOSTON (Reuters) - John Chambers, the chief executive of No. 1 networking equipment company Cisco Systems Inc. (NasdaqNM:CSCO - news), repeated on Wednesday that a sharp slowdown in capital spending in the United States was likely to continue into the second half of the year. ``I think the next couple of quarters will be tough,'' he told reporters after a speech to Boston's chamber of commerce. ``Unlike what occurs during normal business transitions, our visibility is not good for the second half of this year. ``I originally thought we'd see a challenge for the first half of this year in our segment of the industry and in capital spending in general in the U.S. I now think that it is better than 50-50 that it will go into the second half,'' Chambers told reporters. At its quarterly earnings report five weeks ago, Cisco missed Wall Street's financial forecasts for the first time in more than six years and warned a slowdown could continue for at least the next two quarters. The company posted a 48 percent rise in fiscal second-quarter earnings for the three-month period ended in January and a 55 percent jump in sales over the year-ago period -- explosive growth rates, but short of Wall Street hopes. Since January, Chambers has signaled a continued deceleration in his company's growth outlook. On Friday, the company said it would cut between 3,000 and 5,000 regular jobs, or 7-11 percent of its global employee base of 44,000. At that time Chambers said he expected the downturn to last more than six months. Asked about further interest rate cuts by the Federal Reserve (news - web sites), Chambers said Wednesday that he hoped the U.S. central bank would act aggressively at its next policy-setting meeting on March 20. ``I would be very surprised and disappointed if the Fed did not move aggressively next week,'' he said.