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If it's any ray of hope, CSCO's competitors are getting absolutely rocked as well. JNPR has been destroyed over the last few months. Maybe it's not as bad for CSCO as people thought and the industry is just experiencing a soft patch?
Whatever it is, no one is tearing it up and CSCO is probably not losing market share too quickly. I'm not really sure why JNPR trades at such a premium. Like CSCO, they were hot until the tech bubble crashed and have lost money since. Not sure why they are so different. If anything, CSCO has remained the better company.
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