Market Update – Cisco (NASDAQ: CSCO), E*Trade (NASDAQ: ETFC), TeleNav Inc (NASDAQ: TNAV)

While reaffirming her forecast of the S&P index touching 1250, Abby Joseph Cohen told CNBC that stocks are likely to continue to recover, even when the economic environment weakens. Cohen said she expects commodities, specifically energy and metals, to post strong growth as world growth reaches 4.5%. Although other analysts are expecting deceleration in China’s growth, Cohen are forecasted the country to record 10% annual growth. Barron’s has advised traders to invest in Cisco CSCO when its shares are falling. Although CSCO’s results for the latest quarter depicted sequential gains across the company’s product lines for the first time in around two years, Cisco’s shares are slipping as the outlook offered by CEO John Chambers seemed cautious. However, Barron’s mentioned that he has the habit of forecasting low numbers and beating them later. Shareholders of E*Trade ETFC have authorized the company's board of directors to implement a 1-for-10 reverse stock split. The split, which would become effective in early June, will help ETFC in reducing the number of shares outstanding to 400 million from 4 billion. Shares of the mobile-navigation services company TeleNav Inc TNAV climbed 30% today as the company made its debut on the Nasdaq composite index. The company offered an IPO of $7 million shares at an offer price of $8, much below its initial range of $11 to $13. Scott Sweet, the managing partner at IPO Boutique, said, “Again, pricing is the absolute key in this market environment. If an IPO is not pinpoint priced to the book, one will likely see it not work." Read more from Benzinga's Markets.