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Cisco’s Shares Fall Nearly 16% in August
Cisco’s shares fell nearly 16% in August, reversing its broader 2019 uptrend. This marks Cisco’s worst monthly performance since 2012, and it was the worst performer in the Dow Jones Industrial Average for August.
While Cisco is still up 8% for the year, Vice President of Federated Investors Steve Chiavarone warned that the worst might not be over.
“Our preference [is] companies that are tied more to the consumer and disruptive technologies,” he said. “We think, in the short run, that’s where the better risk-return is. [...] Unfortunately, Cisco’s an example of a company that’s kind of caught on the wrong side of that.”
Source: SoftwareReviews Cisco Unified Communications Scorecard. Accessed September 3, 2019
There is a broader context from which to interpret Cisco’s market performance. We ought to consider that slower enterprise spending and the ongoing U.S.-China trade dispute are taking their toll.
Consider the fact that the eight “Dogs of the Dow” for 2019, of which Cisco is a part, is performing on aggregate beneath the DOW Jones Industrial Average.
Source: The “Dogs of the Dow” Global Market Consultants. Accessed September 3, 2019
As such, given the general volatility of the stock market in August, Cisco may not be in lone danger just yet. Indeed, Cisco has sought to broaden and strengthen its offerings this year, announcing the intent to purchase Acacia Communications (reinforcing Cisco’s networking solutions) and Voicea (which created an AI voice assistant that takes notes at meetings – useful for Cisco’s WebEx services).
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