Cisco Systems Inc. Stock Takes a Dive

The drop came after FBR lowered its rating.

Cisco Systems Inc., with locations in Milpitas, stock fell — the most in almost eight months, according to Bloomberg Business Week

The drop came after FBR & Co. downgraded its rating on the stock, Fox Business reports

FBR & Co. provides research services, investment banking and merger advisory, according to its website. 

According to Bloomberg Business Week, "the shares slid 3.8 percent to $20.84 at the close in New York for their biggest drop since July 24. Cisco had gained 10 percent this year through yesterday."

FBR & Co. lowered its rating of Cisco's stock, citing that it "will become increasingly more challenged to offset weaker-than-expected routing and switching demand as it works to transition to a more software- and service centric business model," according to Bloomberg Business Week

What do you think of this news? Do you own Cisco stock? Tell us in the comment section below.

David de la Fountaine March 23, 2013 at 01:28 PM
Pretty boiler plate reasoning. Sound like someone trying to paint the tape for a client who is short CSCO. A canard if I ever saw one.


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