Word: cisco
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...hard to imagine how anybody could still be shocked and disappointed when they're told a company's profits are suffering in the current economic correction. And while unemployment is still well-contained, layoffs are still part and parcel of each new earnings report, hitting everybody from Chrysler to Cisco. And we've still got a week before Alan Greenspan does his thing...
Some on Wall Street think we're almost there. Sentiment clearly has turned gloomy. But gloomy enough for a bottom? Cisco sits at a two-year low and still trades at 59 times last year's earnings. More encouraging is that more stocks are making highs than lows on the New York Stock Exchange, and money funds had record inflows of $94 billion in January. That's a lot of buying power. Indeed, Christine Callies, chief strategist for Merrill Lynch, believes we're in a "stealth bull market." A slew of smaller companies is doing well while the big stocks...
...want to buy individual stocks or park your money in a mutual fund, so much of the stock market (especially technology companies) has been beaten down so much that there's only upside left, at least in the long term. When the market overreacts by punishing great companies like Cisco or Yahoo as much as it has hurt companies that should never have existed (like online pet supply stores with asinine mascots), then you know that now is the best time...
...Technologies was the poster child for Internet depression. A high-tech AT&T spinoff that, as CEO Henry Schacht went around saying this winter, tried too hard to be a high-speed, high-growth dot-com, Lucent has gone from highly regarded - mentioned in the same bellwether breath as Cisco, Intel and Microsoft - to highly suspect...
...heart of Silicon Valley. The facility would light 600,000 homes in a region that experienced blackouts last week, but the San Jose City Council vetoed the project in November, even though groups ranging from the Sierra Club to the N.A.A.C.P. supported it. But the plant faced opposition from Cisco Systems, the leading producer of high-speed fiber-optic networks, which happens to be San Jose's largest employer. Cisco argued that the power plant would be an eyesore next to an industrial park that the company plans to build for 20,000 employees...