Radar Movers: Cisco Tops Estimates, Hedge Fund Rotates From Apple to Facebook

Shares of Cisco Systems (NASDAQ:CSCO) fell more than 2 percent in late afternoon trading, despite beating estimates for the its fiscal second quarter. Net income came in at $2.7 billion (51 cents per share), compared to $2.6 billion (47 cents per share) a year earlier. Sales increased 5 percent to $12.1 billion. Analysts expected earnings of 48 cents on revenue of $12.06 billion. “Cisco delivered record earnings per share this quarter and record revenue for the 8th quarter in a row in a challenging economic environment.¬†We continue to drive the innovation, quality and leadership our customers expect, and we remain focused on consistent returns to our shareholders,” said John Chambers, chairman and chief executive officer.