Bad news at Cisco weighs on tech stocks

Article Abstract:

Cisco Systems announced that its third-quarter revenue would amount to only $4.7 billion, down by 30% from the previous quarter. The compay, touted as the 'king of the Internet' in 2000, will also take a one-time charge of $3.7 billion for excess inventory and the costs of laying off 8,500 workers. The news caused Cisco's shares to lose 8% to $15.87 during after-hours trading. Moreover, it could dampen the tech sector's chances of making a recovery.

Telephone Apparatus Manufacturing, Data Message Switching Eqp, Cisco Systems Inc., Computer networking equipment

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Chipmaker's stock stung

Article Abstract:

Advanced Micro Devices has issued a profit warning for the 1999 first quarter due to its failure to ramp up production of its K6 chips. The chipmaker, which said it will post a substantial loss for the quarter, said it will not be able to achieve its self-imposed goal of shipping 5.5 million K6 chips for the quarter. Dan Niles, an analyst with BancBoston Robertson Stephens, expects the company to report a loss of 27 cents a share.

Semiconductor and Related Device Manufacturing, Semiconductor Devices, Advanced Micro Devices Inc.

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