On the Watch: Cisco and Disney report quarterly results

NEW YORK—Shares of Cisco Systems Inc. may see heavy trading Wednesday after the networking equipment maker posted a larger-than-expected profit in its fiscal third quarter.

Cisco's profit fell 5 percent for the quarter, but its adjusted profit topped analyst estimates. Sales grew 10 percent, also beating expectations.

The Walt Disney Co. said its fiscal second-quarter profit grew 22 percent, as results from its media networks, film studios and theme parks all improved. Disney's profit and revenue beat Wall Street's expectations, according to a Thomson Financial analyst survey.

Shares of biotechnology company Cephalon Inc. could come under pressure after a Food and Drug Administration panel said the label on Cephalon's pain drug Fentora should not be expanded because of the risk of greater misuse of the product.

Cephalon hopes to have the label expanded so Fentora can be prescribed to a greater number of patients. The drug is currently approved for use by cancer patients who are already using opioid medications.

The FDA is scheduled to decide on the expanded label by mid-September. The agency is not required to follow the advice of its panels, but it usually does.

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