After the close, Cisco Systems reported a 37% jump in first-quarter profit, with net income rising to $2.2 billion, or 35 cents per share, on sales of $9.55 billion. Last year, the network hardware specialist posted a profit of $1.6 billion, or 26 cents per share, on revenue of $8.18 billion. On a non-GAAP basis, Cisco earned 40 cents per share, besting expectation for earnings per share of 36 cents on revenue of $9.54 billion.

Despite the better-than-expected results, CSCO shares were reportedly down more than 4% in after hours trading. While today's selling mood on Wall Street likely bears part of the blame, expectations were pretty high heading into the company's report. Specifically, CSCO's Schaeffer's put/call open interest ratio (SOIR) of 0.55 ranks below 67% of all those taken during the past year, while 16 of the 22 analysts covering the stock rated it a buy or better.

The shares finished trading today perched just above the 32.50 level. This region is important, as it is home to more than 80,000 call contracts in the November series and could create a level of options-related resistance if the shares continue to fall in tomorrow's trading. Meanwhile, more than 28,000 puts reside at the 30 level in November, and could provide a backstop for CSCO should the shares run into selling pressure early on Thursday.