This just in from Fortune’s Scott Moritz:

Cisco (CSCO) shares bounced Tuesday after CEO John Chambers said he is now “even more comfortable” with the company’s long-term growth targets than he was when he spoke following last month’s quarterly earnings report.

The comments, which came during a presentation to investors at a Morgan Stanley Technology Conference Tuesday, helped relieve some of the concerns tech investors were left with the last time Chambers offered a forecast. Back in February, Chambers cut the current quarter’s sales growth guidance to 10%, disappointing Wall Street analysts who were looking for 15% year-over-year sales growth. Cisco has said it expects to see its sales rise 12%-17% annually over the long haul.

The tech chief said last month he was trimming Cisco’s guidance because January was “challenging,” and it wasn’t clear how long that slowdown in orders would last. But on Tuesday, Chambers was optimistic about sales of Internet equipment to phone companies around the world. “Our position in service providers is as strong as I’ve ever seen,” Chambers said during his presentation Tuesday. Asked about the length of the slump in tech spending, Chambers said he was optimistic it would be short - probably around two or three quarters. But he added that it could be four to five quarters if things got worse.

Cisco stock surged more than 2% as soon as Chambers made his comments and held those levels as Tuesday’s trading wound to a close. The stock was down a nickel at $24.35 after earlier trading as low as $23.74.

Now this from Fortune’s Stephanie Mehta:

Don’t cry for Padmasree Warrior. Motorola’s (MOT) former chief technology officer already has a new gig: Cisco (CSCO) today announced she’s becoming its CTO. 
 
Warrior, 47, is a skilled speaker and presenter (and, some would argue, a tireless self-promoter). That makes her a great fit for Cisco, where marketing savvy is a valued trait.
 
And indeed, Cisco CEO John Chambers in a news release said Warrior “will help to develop and promote Cisco’s future technology leadership.”
 
We caught up with Warrior for a few moments today. She was mum on when she and Chambers started talking about her move to Cisco, citing confidentiality, except to say she resigned from Motorola Friday afternoon. (Motorola disclosed her departure Monday.)
 
She said she was drawn to Cisco because, as she says, the company is “at the heart of the second phase of the Internet revolution” and its new wave of networks built around collaboration. It probably doesn’t hurt that Cisco seems to be on solid footing these days, with strong growth prospects and a market capitalization hovering around $164 billion (See Rik Kirkland’s “Cisco’s display of strength“). Warrior’s old employer, meanwhile, isn’t doing quite so well. Her former boss Ed Zander just resigned as CEO, and Motorola’s market value is a tepid $36 billion.