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TECH STOCKS: Cisco Surge Fails To Sustain Tech Rally

Tech stocks failed to sustain an earlier rally by Thursday's closing bell, though Cisco Systems ended the day with its best session in nearly two years.The Nasdaq Composite Index(RIXF) closed down 0.2% at 3,465, with the Philadelphia Semiconductor Index (SOX) off 0.8% by the close. The Morgan Stanley High-Tech Index (MSH) rose 0.5% by the close.Cisco (CSCO) shares closed up 12.6% at $23.89, after hitting an intraday high of $24.24. It was the biggest one-day gain for the stock since Aug. 2011. Cisco was the best performer on both the Dow Jones Industrial Average and the S&P 500."Cisco didn't stumble and sounded positive, which should be constructive for most tech companies," Needham analyst Alex Henderson said in a note. "We are more surprised by the reaction to the results than by the results and guide. In our view, it shows just how worried investors are about the outlook and conditions in tech."Those worries appeared to ease on Thursday, as shares of other networking-gear makers ral...

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