Cisco stock shoots up 3% after Amazon officially denies that it's going to become a competitor (CSCO, AMZN)

REUTERS/Mike Blake Amazon says it will not produce its own networking switches, contradicting a recent report. Cisco CEO Chuck Robbins and Amazon CEO Andy Jassy talked it over on the phone directly, says a Cisco spokesperson. Cisco stock shot up about 3% after the denial. Amazon Web Services, the retailer's cloud computing business, has officially denied a report that indicated the company was going to produce its own networking equipment that would compete with Cisco. Cisco shares went up as hi...