Well not that early, as we're nearly an hour into the day.
The DJIA is hovering around the unchanged mark, after a nice gain yesterday. The top five weighted stocks are negative, but other constituents are helping push the Dow closer to positive. Cisco is a laggard, down nearly a dollar after some are left wanting "more" in terms of last night's guidance for the 4th fiscal quarter.
Rod Hall's note this morning was titled "Batman Quarter, Robin Guidance." I'd concur - as I noted last night, John Chambers was imploring people not to get too rosy in their predictions. He didn't cite any one region for his tempered expectations, but the European mess is on everyone's radar. As Scott Moritz of TheStreet.com put it, "The overriding concern is whether the snapback in tech spending Cisco saw early this year was merely a temporary reprieve from a lengthy slump or the beginnings of a full-blown turnaround."
Regardless of worries about slowing growth in sales, Cisco is going to earn 3-7cents more in EPS this fiscal year (ending July) than people had expected 24hours ago...I'd say the shares should be up not down.
Google shares are getting a boost from Piper Jaffray, who reiterated their $700 price target based on first paid click data points. With $83 in cash per share, GOOG no longer trades a a "premium" to the market, but rather a 15 PE on this year's earnings.
In other news, software concern Sybase (SY) is up 15% today (and 63% in five days) on an all-cash buyout offer from SAP. Even after that big premium, the deal is expected to be immediately accretive to SAP's earnings...that means pink slips, folks.
And last but not least, an idiotic comic: