Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Nasdaq  >  Cisco Systems, Inc.    CSCO

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

TECH STOCKS: Techs Bounce Back; Cisco, NetApp Still Down

02/14/2013 | 01:09pm US/Eastern

By Dan Gallagher, MarketWatch

SAN FRANCISCO (MarketWatch) -- Technology stocks managed to pick up some small gains by early Thursday afternoon after a morning in the red, as strong gains at names like BlackBerry and Angie's List offset losses at Cisco Systems Inc. and NetApp Inc.

The Nasdaq Composite index (RIXF) picked up a fraction to trade at 3,201 while the Morgan Stanley High-Tech Index (MSH) edged up and the Philadelphia Semiconductor Index (SOX) added about 0.3%.

BlackBerry (RIMM) jumped nearly 6%, reversing from an earlier loss. A regulatory filing by former co-CEO Jim Balsillie showed the former leader of the smartphone maker had sold all of his shares in the company. He had held an ownership stake of more than 5% as recently as late 2011, according to Dow Jones Newswires.

Balsillie stepped down as co-CEO in early 2012 as part of a major shake-up at the company that brought in current chief Thorsten Heins, who is leading the launch of the new BlackBerry 10 platform.

Angie's List (>> Angie's List Inc), which surged more than 24% following strong results and a positive forecast. Several analysts issued positive reports on the results, noting that the company is improving on its business model that largely has users paying for its content.

Weighing on the tech sector was Cisco Systems (>> Cisco Systems, Inc.) , which saw its shares fall by 1.2% after the network giant reported a small sales gains for its second fiscal quarter and issued a forecast that was in line with Wall Street's estimates. The stock had rallied 25% since the company's prior earnings report.

"Investors may have to wait a bit longer if they were hopeful that Cisco Systems' earnings report would spark a rally in tech," wrote Scott Thompson of FBR Capital on Thursday, who added that the results "fell short of breakout performance."

Also down following its earnings report was NetApp (>> NetApp Inc.) , which was last trading down 1.5%. Earnings jumped 32% at the provider of network storage solutions, but NetApp's shares had also run up by more than 36% over the last three months.

Rohit Chopra of Wedbush kept his neutral rating on NetApp following the results, writing that "we remain cautious on the uncertain spending environment and advise investors to remain on the sidelines until signs of sustainable growth and visibility emerge."

Nvidia Corp. (>> NVIDIA Corporation) shares picked up nearly 1% after slipping earlier. Needham & Co. downgraded the chip maker to a hold rating following its results. "Rising opex growth is outpacing revenue growth, eliminating any earnings leverage," analyst Rajvindra Gill wrote in a note.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

React to this article
Latest news on CISCO SYSTEMS, INC.
03:14p CISCO SYSTEMS : Schneider Electric and Cisco to improve industrial control
09:56a CISCO SYSTEMS : OneNeck IT Solutions Recognized by Cisco for Excellence in Custo..
09:26a CISCO SYSTEMS : Combine Solicitation - 70 -- CISCO HARDWARE AND SMARTNET WARRANT..
09:18a CISCO SYSTEMS : - Sponsored Study Reveals 53 Percent of Organizations Expect Clo..
09:18a CISCO SYSTEMS : to Open Latin America Supply Chain Operations-Engineering Center..
08:00a CISCO SYSTEMS : Completes Acquisition of OpenDNS
08/26 CISCO SYSTEMS : Cloud to Drive Increased Revenue Over Next Two Years
08/26 CISCO SYSTEMS : Modification to a Previous Presolicitation Notice - 70-- CISCO F..
08/26 CISCO SYSTEMS : Presolicitation Notice - 70-- CISCO FIREWALL
08/26 CISCO SYSTEMS : Combine Solicitation - 70-- Cisco
Advertisement
Chart
Duration : Period :
Cisco Systems, Inc. Technical Analysis Chart | CSCO | US17275R1023 | 4-Traders
Income Statement Evolution
More Financials