In just the past few quarters, it really looked as though Cisco (Nasdaq:CSCO) had made some significant strides in turning around both its business and the Wall Street perception of the business. Growth was looking alright again and the company was making progress on margins. Although management had started to talk about its willingness to do deals again, most investors and analysts seemed to think that meant smaller tuck-in deals. (For more, see Earning Forecasts: A Primer.)
So much for that idea.
On the morning of March 15, Cisco announced that it had agreed to acquire privately-held NDS for $5 billion in cash. NDS is a company that focuses on "end to end" software packages for the cable and satellite TV industry. In particular, NDS is strong in areas like content streaming and security, where its software allows TV content to be delivered to a variety of devices, while preventing unauthorized access (hacking and theft).
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