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With a drop of 9.86% at the open this morning, Cisco (CSCO) has just had its biggest gap down on earnings since at least 2002 when our Earnings Database begins. As shown below, CSCO's second biggest gap down came six years ago in August 2004 when it opened lower by 9.14%. On that day, the stock continued lower by another 1.61% from the open to the close to finish down 10.61% for the entire day. Looking at all times that CSCO has opened down on earnings, the stock has averaged an additional decline of 0.77% from the open to the close. It has only reversed and gone higher from the open to the close on these bad earnings report days five out of nineteen times. If you're looking to pick up some Cisco after a 10% drop this morning, it may be worth waiting until tomorrow.
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