Wall Street Beat: Tech stocks in doldrums

Shares of IT companies are down for the week despite an uptick on Friday, as confidence in the sector flags

By , IDG News Service |  IT Management

It was up to Cisco to provide a beacon of light for IT this week. The company said Tuesday that quarterly revenue was up 6 percent year over year to $11.9 billion, while net income rose by almost 18 percent to $2.1 billion.

Chairman and CEO John Chambers said the company has succeeded in efforts to cut costs and that while European sales were still weak the company's business in the U.S. was strong during the quarter.

In the coming weeks, all eyes will be on political leaders in the U.S. as they struggle to compromise on a budget deal. Reports of strong holiday sales for PCs would also help IT.

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