Cisco Systems Rallies Off Q4 Beat

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Cisco Systems

shares are trading higher by $1 at $28.90 in Thursday's session. The catalyst for the rally is a Q4 beat for EPS ($0.59 vs. Est. $0.56) and for sales ($12.88B vs. Est. $12.66B). In addition, the company revealed inline guidance for Q1. The issue, which had been in trading range since July 13 between $27.41 and $28.77 has cleared the upper end of the range in today's session. After a higher open, it quickly ran to $29.21 before reversing course and coming down to make a new low for the day. The intraday high coincides with a trio of highs in the issue from $29.22-$29.35 from June 18-22, Today's price action is taking place on heavier than average volume. So far, 43.4M shares have changed hands compared to its 20 day average of 25.37M.