Cisco … another nail in the (recession and bear market) coffin
Cisco made Wall Street feel bad, back in November, on its cautious outlook. So its CEO “tried” to sound more upbeat this time.
So … first … they met expectations, even beat the street and he reiterated the LONG TERM guidance …
And there it was … a bear rallye, taking the Nasdaq up 17 points in seconds, regaining around half of its … today … lost ground …
BUT … THEN … DOUBLE whammy …
January’s new orders were so WEAK, that Cisco gives a cautious outlook for this quarter …
Here his words …
… it is possible January’s order rates were an “aberration,” but given the uncertainties of the global financial markets and the cautiousness we are seeing from some of our customers and our peers, we believe that the proper approach to guidance, with our usual caveats at this point in time, is to assume that January’s order growth rates may CONTINUE over the next several months …
AUTSCH!!! Do I hear recession?
Nasdaq sold off within seconds again, not only erasing the 17 point blip to the upside, but ADDING another 27(!) points to the downside …
CSCO lost about 9% after the bell, even with the market being cautious or negative on it going into the numbers …
Just Bear Market stuff …
