US stocks lower on disappointing Cisco news
New YorkUS stocks fell on Wednesday on low earnings news from Cisco Systems.
In midday trading on Wall Street, the Dow Jones Industrial Average fell 26.36 to 10,432.38. Broader stock indicators also slipped. The Standard & Poor's 500 Index was down 1.14 at 1,203.26, while the Nasdaq Composite Index lost 3.00 to 2,024.79.
Cisco dropped 56 cents to $18.70 after reporting earnings late Tuesday in line with expectations despite a 25 per cent decrease in revenues. Investors were disheartened by comments from Cisco's chief executive that the networking industry had not turned around despite some signs of improvements in the United States -- although Cisco said it remained confident about its business in the long term.
Other technology stocks also fell. Juniper Networks fell $1.20 to $24.70, and Ciena, slipped $1.49 to $32.91.
Blue-chips also fell. General Electric pulled the Dow lower down 62 cents at $42.15, and AT-and-T, down 29 cents at $19.88.
Microsoft however rose 49 cents to $66.84, while Intel advanced 14 cents to $30.76. Wal-Mart gained 69 cents to $55.77.
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