Business Services Industry
Cisco Systems Falls 12.6 Percent After Analyst's Earnings Warning.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, December, 2000 by Danner, Patrick
Dec. 21--With the nation's slowing economy producing a string of gloomy corporate earnings forecasts, the Nasdaq Composite Index plunged Wednesday to its lowest level in nearly two years.
The drop was led by Cisco Systems, which fell 12.6 percent to close at $36.50, after a Merrill Lynch analyst warned the leading networking-equipment company's customers are spending less.
"Weakness in the economy is permeating all of the sectors," said Earl Foster, a Miami money manager. "While you'd think Cisco would be immune, its customers are not."
Cisco reported it set aside $14 million for "doubtful customer accounts" for its first quarter ended Oct. 28. That represents a big jump from the $5 million it set aside in the previous year's quarter....
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