Cisco bombshell sinks FTSE 100

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The FTSE 100 nose dived at midday with the technology sector ablaze following a spate of earnings...

The FTSE 100 nose dived at midday with the technology sector ablaze following a spate of earnings warnings, most notably from US technology titan Cisco Systems. The FTSE 100 trailed 95.2 points lower to 5671.4. After trade closed on Wall Street yesterday, networking equipment manufacturer Cisco Systems dropped a bombshell on hopes of a technology recovery as it announced a stern profits warning as well as plans to axe a quarter of its world wide workforce. The US economic slowdown, weak demand in Asia and parts of Europe were all held to blame. And just to kill off any new econo...

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