Over the past month Cisco has been upgraded by a slew of analyst with the last one coming just 2 days ago citing positive channel checks. JP Morgan comes out today and didn't even have a buy rating on Cisco. They downgrade from neutral to under weight.
So these Bozos go from neutral to under weight when practically all the street has an outperform rating. If anyone pays attention this is what happened last quarter, Cisco had a nice run, we got an upgrade from Goldman, then 2 weeks before earning we get a downgrade from some Bozo and the stock FALLS all the way into earnings.
Cisco BEATS and climbs from $17 to where it is today, $21.00. Gotta love how these boys in the Casino get away with their legalized criminal activity.
I agree. JPM tells all the insiders beforehand that they will downgrade CSCO. The SEC nor the NYSE nor NASDAC do anything about it. Today, the insiders buy the stock back up (maybe not today, but in short order). Watch what the options do today, that'll give you a huge clue.
Somebody knew of the downgrade last night AH. A lot of volume pushed it down from the close of $21.03 to $20.96 for no apparent reason. How does a firm like JP Morgan justify a neutral rating which MISSED the entire runup from $17 and then downgrade to Under Weight when EVERYONE else is positive.
Same thing happened last quarter, anaylsts UPGRADED based on channel checks and then some Bozo downgrades the week in front of earnings and is 100% wrong. Shareholders suffered and these guys just walked away.
Interesting that this downgrade is 1 day in front of option expiration. This SMELLS bad.