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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Robert O who wrote (52198)	4/27/2001 1:53:28 PM
From: Wyätt Gwyön	Read Replies (2) \| Respond to of 77400

11:22 ET Cisco Systems (CSCO) 15.36 +0.15: -- Update -- On conference call, Bernstein's Sagawa calls the 30-50% growth rate that Cisco expects for its market an "utter pipe dream"; believes it will be closer to 15% once cyclical upswing begins.

To: Robert O who wrote (52198)	4/27/2001 11:34:16 PM
From: Adam Nash	Read Replies (2) \| Respond to of 77400

Actually, there is a big difference between promissory estoppel for an at-will employee and someone who has been offered a new job. Very often offer letters contain a promise of salary, other compensation, and a start date. As such, the company has effectively entered into a contract to have the person start work at that compensation on that date. It is only once they start work that they often sign various employment agreements, including the documentation that signifies at-will employment. As a result, companies are far more liable for issues surrounding new offer letters than they are for general at-will employees, which is what your material actually refers to. This is not a question of people having an at-will contract but "feeling" like there is a promise of permanent employment. These are people with written letter in hand, signed by the company, that they will start a new job at a certain compensation on a certain date. Totally different issue. This, of course, assumes that Cisco's offer letters are like other major technology companies in California. However, as I have never seen one personally, it could be possible that it includes some at-will language or rescindability. But I doubt it.