Markets
Technology Stocks Slip on Cisco's Mixed Report
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Posted 09 May 2008 @ 07:25 am HKT
Technology stocks fell on Wednesday after Cisco Systems Inc reported a drop in profit late Tuesday but said sales would meet estimates.
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US Stock market rallys on revised Bear Stearns dealThe technology-heavy Nasdaq Composite Index fell 44.82 points, or 1.8 percent to 2,438.49.
Shares of Cisco fell 55 cents per share, or 2.1 percent to close at $25.78. Its net income fell to $1.77 billion, or 29 cents per share, from $1.87 billion, or 30 cents per share in the year earlier period. Sales were up 10 percent to $9.79 billion.
Other well-known stocks fell, including Apple Inc, down 2.2 percent; Dell, dropping 1.5 percent; Intel with a 1.7 percent fall; and Yahoo which slipped 0.3 percent.
This article is copyrighted by IBTimes.com
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