When networking giant Cisco (CSCO) lost 10.7% in premarket trading, that was bad enough news for everybody. The news was so bad that it hit several of Cisco's rivals, including Broadcom (AVGO) and Juniper Networks (JNPR). Broadcom is down 3.6%, and Juniper is down 4.2%. Currently, CSCO's losses for the day amount to 14.6%. Cisco's explanation for its losses, meanwhile, makes a distressing amount of sense. The end result of these losses, however, makes me wonder if the entire field is starting to contract, and that's enough to turn me bearish on Cisco for a while.
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