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Cisco Spooks Market like a Leftover Halloween Ghoul

He said orders to Cisco particularly from US banks and carmakers have fallen dramatically

Cisco CEO John Chambers Wednesday sounded the first alarm bell that the subprime mortgage mess is bleeding into IT spending.

He said orders to Cisco particularly from US banks and carmakers have fallen dramatically. And he expects demand from US business for networking equipment to be "lumpy" for a while.

The news sent Cisco lower with the rest of tech even though the Wall Street bellwether pulled out a pretty strong quarter with earnings up 37% to $2.2 billion, or 25 cents a share, on revenues up 16.7% to $9.6 billion in the October quarter.

Chambers, optimistic about emerging markets and markets outside the US in general, stuck to his previous guidance for revenue growth of 13%-16% in fiscal '08 but the pundits wanted more.

He figures Cisco's sales this quarter will be up 16% to $9.74 billion. Wall Street's been figuring $9.81 billion

Cisco was one of the key precipitators of the worse day on Wall Street in three years. Tech, a recent safety zone, simply capitulated on Thursday.

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