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Cisco cuts nearly 500 jobs in Silicon Valley.

Cisco Systems Inc. has cut about 500 Silicon Valley jobs, according to documents filed with the state of California. A filing said 397 employees at its San Jose headquarters and 91 in Milpitas, Calif., were laid off as of July 31. The jobs cut were mostly in engineering roles. Cisco shares fell in after-hours trading Wednesday after the company gave a disappointing forecast in its fiscal-fourth-quarter earnings report.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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