Cisco shares plummet, sink broader market

Tech bellwether Cisco Systems (CSCO.O) lost 17 percent of its market value in frenzied trading on Thursday, a day after a gloomy revenue outlook left investors jittery, and some brokerages downgraded the stock.

More than $23.5 billion eroded from the company's market cap with about 200 million shares changing hands in 30 minutes of trading, four times their 50-day moving average volume.

If Cisco closes with this percentage loss, it would be the worst one-day percentage fall for the shares since July 14, 1994, when shares fell 17.71 percent, according to Thomson Reuters Datastream.

Shares of rivals Juniper Networks (JNPR.N), F5 Networks (FFIV.O), Riverbed Technology (RVBD.O) and Jabil Circuit (JBL.N) also sank. Cisco also dragged down the broader market.

Read Full Article from Reuters

- Posted: 2010-11-11 09:27:22

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