Shares of Cisco Systems Inc. CSCO, +0.97% climbed 1.1% in morning trade, ahead of the networking company’s fiscal third-quarter results due out after the close. Investor optimism is understandable, given that Cisco has beat expectations for both earnings per share and revenue the previous 20 quarters, and Wall Street expectations for both have edged higher this year. Analysts surveyed by FactSet expect EPS of 77 cents, up from a consensus of 76 cents at the end of 2018, while the FactSet revenue consensus has increased to $12.89 billion from $12.84 billion. Meanwhile, although Cisco has consistently beat expectations, the stock has gained the day after earnings after 12 of the past 20 reports, including after the last 5 of 6 reports. The average one-day post-earnings gain over that time has been 4.7% while the average loss was 3.4%. Cisco’s stock has rallied 21.3% year to date, while the Dow Jones Industrial Average DJIA, +0.60% has gained 10.0%.

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