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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (47564)	2/8/2002 12:42:28 AM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

07:37 ET Cisco helped by deferred revenues; downgraded by Dresdner (CSCO) 18.61: Merrill Lynch says that demand was overstated by roughly $200 mln due to contingent contracts exercised this qtr for products shipped in previous qtrs; maintains near-term BUY rating. Dresdner Kleinwort Wasserstein is less forgiving, downgrading CSCO to SELL from Reduce citing accounting concerns; says that revenue upside came primarily from recognition of deferred revenues, also argues that gross margins would have been 45% instead of 57% had Cisco followed the same accounting practices as its peers. -Briefing