Cisco, Sirius, Apple: Pre-Market Movers
The tech giant on Wednesday comfortably beat Wall Street's profit estimate and edged past analysts' top-line forecast. Cisco, however, gave a weak fourth-quarter outlook, citing an uncertain macroeconomic environment.
The Dow component forecast year-over-year fourth-quarter revenue growth of 2% to 5%. Wall Street expected sales growth of 7% compared to the prior year's quarter.
Speaking during a conference call after market close, Cisco CEO John Chambers cited Europe, the public sector and India as areas of concern. Southern Europe's economic problems, he noted, have spread to northern Europe.
The weaker-than-anticipated forecast forced Cisco's shares down on Wednesday and the stock was off 7.56% at $17.36 before market open.
Cisco was also the most active premarket Nasdaq stock on share volume of 1,932,041.
--Written by James Rogers in New York.
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