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.
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