Cisco Systems Laying off 14,000 Workers, According to Report

Cisco Systems (CSCO) could be cutting 20% of its workforce. The Silicon Valley Based company is expected to make the announcement in the next few weeks, according to the tech news site CRN. In all, 14,000 jobs could be eliminated. Cisco has been investing in new products and technologies to offset sluggish spending by telecom carriers on its main business of making network switches and routers. Lowe's (LOW) earnings and revenue fall short of expecations. Same store sales at the home improvement retailer also came in less than expectations. Investors are on the sidelines as they await the latest Federal Reserve meeting minutes. The minutes could reveal if an interest rate hike is still on the table this year. Some market watchers think recent economic data as well as comments from Federal Reserve governors could lead to Fed to hike rates at its September meeting.