Cisco Slips on Revenue Miss

Cisco Systems slipped in after-hours trading Tuesday after the company met earnings estimates but reported sales that were slightly below forecasts.

Cisco’s earnings of 21 cents a share were in line with analysts’ estimates, but revenues of $5.97 billion came in slightly under $6.02 billion expectations. Gross margins slipped a point to 67.2%, and inventories held steady. The company also boosted its share buyback plan by $10 billion.

CEO John Chambers said he expects January quarter revenues to rise 1-3% sequentially, slightly below $6.22 billion forecasts.

Chambers said Cisco executed well despite the “challenging” environment, but he noted “lumpiness” in router orders.

Shares of Cisco slipped 2% to 19.30 in after-hours trading. The stock is down more than 30% from its January peak.

Also after the close, Computer Sciences beat estimates and reaffirmed guidance.

Stocks once again spent the day in a narrow trading range ahead of Cisco’s results and the Federal Reserve’s decision on interest rates Wednesday afternoon.

The Nasdaq climbed 4 to 2043, the S&P 500 slipped fractionally to 1164, and the Dow added 4 to 10,386. Volume rose to 1.46 billion shares on the NYSE, and 1.72 billion on the Nasdaq. Advancers led 19-13 on the NYSE, and 17-13 on the Nasdaq. Upside volume was 55% on the NYSE, and 48% on the Nasdaq. New highs-new lows were 248-9 on the NYSE, and 165-33 on the Nasdaq.

Microsoft rose after shareholders approved a one-time $3 dividend payable on Dec. 2 to shareholders of record on Nov. 17.

Oracle rose 2% after the company said it is prepared to drop its bid for PeopleSoft .

PFSweb soared 27% on its results, while Cablevision edged higher on its earnings report.

Sonic Solutions , Concur , McCleod and Jamdat tumbled on their results.

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