Cisco Systems is brushing off strong fiscal first-quarter results
Cisco Systems Inc (NASDAQ:CSCO) stock is staging a steep bear gap today, despite the software concern’s strong fiscal first-quarter results, as the company’s current-quarter and full-year guidance weigh. Plus, no fewer than 10 analysts slashed their price targets after the earnings event, with the lowest from Barclays to $46 from $53.
At last glance, CSCO was down 11.4% at $47.21, and trading at its lowest levels since May. The sharp move lower also has the stock firmly below all notable short- and long-term moving averages between the 20- and 320-day trendlines, including former support at the 200-day trendline. On the short sale restricted (SSR) list today amid the volatility, CSCO has also moved into negative territory in 2023.
Unsurprisingly, options traders are blasting CSCO stock today. So far, 85,000 calls and 97,000 puts have been exchanged, which is already 3.9 time the average daily options volume. The January 2024 45-strike put is the most popular, followed by the November 47 put, with new positions being opened at the latter.