Movers: Cisco Systems, Wal-Mart, Visa, Mastercard
Cisco Systems (CSCO) posts better-than-expected $0.32, vs. $0.38 a year ago, second quarter non-GAAP EPS on 7.5% sales decline. Street was looking for $0.30. However, says total product order growth fell 20% in second quarter as trends continued to deteriorate throughout the quarter. Expects third quarter revenue to fall 15%-20% year-over-year. Notes it is not planning for major layoffs, but headcount reductions may become necessary. S&P keeps hold; cuts estimate, target. Credit Suisse cuts estimates.
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