Stocks look to extend drop after Cisco earnings

[August 12, 2010]  NEW YORK (AP) -- Stocks are heading for a modestly lower opening after Cisco Systems added to investors' anxiety by reporting revenue figures that fell short of forecasts.

Stock index futures are down slightly following Wednesday's big market drop that sent the Dow Jones industrial average down 265 points. Investors have a darker view of the economy after the Federal Reserve lowered its assessment of the recovery on Tuesday. And the latest economic numbers from the U.S. and other countries point to slower growth.

Cisco System Inc.'s revenue from its latest quarter and its forecast for future revenue both fell short of analysts' expectations. The company's stock is down more than 7 percent in pre-opening trading.

Dow futures are down 2, or 0.02 percent, at 10,335, while Standard & Poor's 500 futures are down 0.60, or 0.06 percent, at 1,084.40. Nasdaq 100 futures are down 3.75, or 0.2 percent, at 1,834.00.

[Associated Press; By JOYCE M. ROSENBERG]

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