Cisco Systemskept tech stocks under pressure Wednesday after delivering sales guidance that left room for disappointment.
Cisco reported solid growth in its April quarter, handily beating Wall Street estimates. But the company’s June quarter sales could come in below forecasts, showing that the networking giant isn’t completely immune from a slowdown that has hit competitors like Juniper Networks.
Cisco shares lost 4.3% on the day. Chip stocks were among the weakest sectors, shedding 2.5%.
The broader market was mixed after the Federal Reserve hiked interest rates for the 16th time in 23 months and suggested that it may pause — if the economic data allows. It wasn’t quite what traders were hoping for, but close.
The Nasdaq lost 17 to 2320, the S&P 500 slipped 2 to 1322, and the Dow added 3 to 11,542, 80 points from the index’s all-time high. Volume rose to 2.27 billion shares on the NYSE, and 2.06 billion on the Nasdaq. Decliners led 17-14 on the NYSE, and 18-11 on the Nasdaq. Downside volume was 55% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 220-103 on the NYSE, and 189-70 on the Nasdaq.
Baidu.comrocketed 37% on its results, and Symantecand Aspengained on their earnings reports.
Transmetaand Asystplunged on their results.