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To: Larry S. who wrote (42573)	8/7/2002 3:58:10 PM
From: Kelvin Taylor	Respond to of 53068

From Morningstar: Cisco Systems' (NasdaqNM:CSCO - News) fourth-quarter results, announced Tuesday, were respectable, given the weak capital-spending environment, but we still wouldn't rush to buy the shares. While management is doing a good job of controlling expenses, a true turnaround will be predicated on an IT spending recovery, which is nowhere in sight. We don't expect demand for the company's networking gear to accelerate this year, and a 2003 recovery isn't a sure bet either. We are reviewing our fair value estimate, and while we don't have a firm number yet, we expect that it will fall below Wednesday's pre-opening price of $13.