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IT News: Cisco Systems, Inc. (CSCO)’s Reputation, Hewlett-Packard Company (HPQ) & International Business Machines Corp. (IBM)’s Disclosure

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Editor’s Note: Related tickers: Cisco Systems, Inc. (NASDAQ:CSCO), Hewlett-Packard Company (NYSE:HPQ), International Business Machines Corp. (NYSE:IBM)

Cisco Systems, Inc. (CSCO) Remains Popular With Call Buyers (SchaeffersResearch)
Cisco Systems, Inc. (NASDAQ:CSCO) climbed higher yesterday, after scoring some positive brokerage attention at Piper Jaffray. As a result, bullish bettors swarmed the tech concern, with roughly 119,000 calls changing hands during the course of the session — more than double the norm. By contrast, around 52,000 puts crossed the tape. Digging deeper into the data, it looks as though a large number of traders are counting on Cisco Systems, Inc. (NASDAQ:CSCO) to ascend into territory last explored in November 2007 within the next several weeks.

Hewlett-Packard CompanyArchell to rejoin Alcoa, replace Ashooh as VP (PRWeekUS)
Hewlett-Packard Company (NYSE:HPQ) corporate communications director Libby Archell will return to Alcoa in September to replace Nick Ashooh in the role of VP of corporate affairs as part of a departmental reconfiguration. Ashooh will resign from his post at the aluminum producer after three years. He has not yet picked a new role. Archell will join Alcoa at the start of September, reporting to Klaus Kleinfeld, chairman and CEO. She will be based in Alcoa’s New York office.

U.S. SEC investigating IBM over cloud revenue (GMANetwork)
U.S. regulators are investigating how International Business Machines Corp. (NYSE:IBM) reports revenue from its cloud computing business, the company said on Wednesday. International Business Machines Corp. (NYSE:IBM) said it learned of the investigation, being conducted by the U.S. Securities and Exchange Commission, in May. The company made the disclosure in its quarterly report filed with the SEC. It gave no details on the probe. International Business Machines Corp. (NYSE:IBM), which does not break out its cloud computing revenue separately, has said it aims to generate $7 billion annually in revenue from cloud services by the end of 2015.

Cisco Systems Lowered to Hold at Thomson Reuters/Verus (CSCO) (UtahPeoplesPost)
Cisco Systems, Inc. (NASDAQ:CSCO) was downgraded by equities research analysts at Thomson Reuters/Verus from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, Stock Ratings Network reports. Cisco Systems, Inc. (NASDAQ:CSCO) traded up 0.99% on Monday, hitting $25.58. Cisco Systems, Inc. (NASDAQ:CSCO) has a 52-week low of $15.65 and a 52-week high of $26.15. The stock’s 50-day moving average is currently $24.9. The company has a market cap of $136.7 billion and a price-to-earnings ratio of 14.07.

HEWLETT-PACKARD SAYS EX-SEC COUNSEL ADVISING ON AUTONOMY (BloombergLaw)
Hewlett-Packard Company (NYSE:HPQ) said it has hired a former U.S. Securities and Exchange Commission general counsel and interviewed 25 people in a company investigation of alleged fraud at its Autonomy unit. …Hewlett-Packard Company (NYSE:HPQ), the largest personal computer maker, faces shareholder lawsuits stemming from its Nov. 20 announcement that it was taking an $8.8 billion writedown on the value of Autonomy, which it agreed to buy for $10.3 billion in 2011. Hewlett-Packard Company (NYSE:HPQ) alleges it was a victim of fraud and that Autonomy overstated its revenue, growth and prospects. Autonomy’s ex-chief executive officer, Michael Lynch, has denied Hewlett-Packard Company (NYSE:HPQ)’s claims and said the company botched the acquisition.

Pa. terminates $153 million contract with IBM over failure to deliver computer system it promised (PennLive)
After seeing a technology project fall $60 million over budget and 42 months behind, state Labor and Industry Secretary Julia Hearthway has decided it’s time to pull the plug on a contract to modernize the state’s unemployment compensation computer system. This decision announced at a news conference on Wednesday followed a $800,000 study by Carnegie Mellon University’s Software Engineering Institute that found the problems with the International Business Machines Corp. (NYSE:IBM)-developed system to be unsolvable. …Scott Cook, a spokesman for International Business Machines Corp. (NYSE:IBM) in its Chicago office, said the company is surprised by today’s announcement.

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