Cisco hits $100 billion mark
Cisco stock climbs above $100 per share, trading as high as $103.1875 and making its market value worth nearly $104 billion.
The company's stock climbed above $100 per share today, closing at 103.1875--a new 52-week high. The networking giant's market capitalization jumped to nearly $104 billion.
Cisco stock has traded as high as 99.875 and as low as 44.4167 in the past 52 weeks.
The $100-billion market cap mark for Cisco is another reminder of the
strength of networking stocks. The runup in Internet stocks has
dominated the spotlight this year. But the stock of networking firms, which make the
so-called plumbing of the Internet, have long been hot issues on Wall
Street, fueling a surge in the technology sector.
Cisco is up nearly 90 percent this year alone.
Other networking companies also have been experiencing a resurgence.
3Com has rebounded. Last week, the company named Bruce Claflin, a former top executive of Digital, as its president and chief operating officer. Eric Benhamou remains the company's CEO. 3Com is the No. 2 networking giant behind Cisco.
Earlier this month, Ascend posted quarterly earnings that beat Wall Street's estimates for the third quarter in a row. Its stock has rebounded from a slump.
A relative newcomer on the networking scene, Lucent, has been one of the hottest technology stocks on Wall Street. It formerly was part of AT&T.