CSCO: Next Up To Be Shot
What a week! First it was Walmart (WMT) getting slaughtered on Tuesday. Wednesday it was Target’s (TGT) turn. And now Cisco (CSCO) appears to be next up for the firing squad on Thursday.
CSCO’s revenue came in weak with no growth year over year. They also guided next quarter’s revenue growth to -1% to -5.5%. As a result, they lowered full year guidance for their fiscal year ending in July. Shares are currently -17% in the after hours.
That’s three blue chip, mega cap stocks in three days that have been shot. It doesn’t get much worse than this.