You probably read the headlines, but there's a good chance you missed something important from Cisco.
If you're an investor who follows the market somewhat closely, then there's a good chance you already know how Cisco forecast a steep drop in revenue, which prompted at least two brokerages to downgrade its stock.
You may also know that Cisco said sales in the current quarter may drop as much as 10%; analysts were expecting gains.
But if you dig down into the earnings, Cramer thinks there's a much more important takeaway.
"Cisco's emerging markets numbers were hideous. In Brazil revenue dropped 25%. In Mexico it dropped 18%," Cramer said. "India was minus 18%, China minus 18%, Russia minus 30%. That is nothing short of amazingly bad."
"The order books of Cisco must be littered with cancellations," Cramer said. Although some orders may be going to rivals the weakness is too pervasive to think it's all due to competition.
Now here comes the message.
"Largely, US companies are reporting strong earnings," Cramer reminded.
If Cisco is telling us that the emerging world is slowing, then it's reasonable to believe the US economy is the source of strength.
Therefore, "I plan to look for more signs to confirm the United States that is now leading the developed world. I believe our country has somehow become the leader here," Cramer said.
That's bullish.
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"I know it's bizarre, even counterintuitive, but I believe these Cisco results are telling us that the American economy is on far firmer footing relative to the once fast-growing emerging market part of the world," Cramer repeated.
That's important. Invest accordingly.
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