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Saturday, November 13, 2010
Cisco earnings disappointed, big time, this past week and the stock got hammered in the process. So what's the message? CEO Chambers put the blame on governments cutting back spending - not just in the U.S. but in Europe and Asia as well. But we knew this. Apparently what we didn't know was the extent of the cutbacks and the timing.
Cisco is a bell-weather. Chambers said "We believe the public sector business will continue to be challenging for at least several quarters."
In the bond market, the Treasury struggled through another week of heavy issuance as yields pushed higher, especially at the longer end.
The S&P 500 is up a bit more than 9% year-to-date and bonds have also done well. To me, this adds up to a time to be a bit cautious and take some profits.
Disclosure: Commentary here is not intended as advice for any specific investor. Individuals should do their own research or consult an advisor as to their specific circumstances.