Local Tech Wire, AP

RESEARCH TRIANGLE PARK, N.C. – Positive revenue forecasts from two analysts sent (Nasdaq: CSCO) shares up 7 percent in trading Monday.

The networking giant, which employs more than 4,000 people in RTP, reports earnings on Wednesday after the markets close.

Also on Monday, Polycom (Nasdaq: PLCM), a big rival for Cisco in the videoconference/telepresence marketplace, named a former Cisco executive as its chief executive officer.

Cisco shares traded up 5.5 percent, or $1.36, in afternoon trading. Shares started the day at $26.07 after closing Friday at $24.71. At one point they hit $26.53.

"Cisco is enjoying an upturn in its business with orders and revenues accelerating broadly across regions and product lines," Jefferies & Co. analyst William Choi told investors in a note Monday.

Choi, who has a "Buy" rating on the company’s stock, said he expects Cisco to surpass Wall Street expectations when it releases results after the closing bell Wednesday.
On average, analysts surveyed by Thomson Reuters expect earnings of 39 cents per share on revenue of $10.2 billion for the three months ended in April.

Last quarter Cisco topped both its own and Wall Street forecasts, with earnings up 23 percent from the year before and revenue up 8 percent.

Morgan Keegan analyst Simon Leopold, who has a "Outperform" rating on the stock, said investors "will be encouraged" by Cisco returning to double-digit revenue growth in the most recent quarter.

At Polycom, Andrew Miller replaces Robert Haverty as CEO. Miller worked at Cisco and also at one time was CEO at videoconferencing firm Tandberg, which Cisco acquired.

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