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5 Things You Must Know Before the Market Opens Wednesday

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Here are five things you must know for Wednesday, Aug. 17:

1. -- Cisco Systems (CSCO) , which is scheduled to report fiscal fourth-quarter earnings after Wednesday's closing bell, reportedly plans to lay off upward of 14,000 employees, or almost 20% of the networking giant's global workforce, according to technology news site CRN, which cited multiple sources close to the company.

San Jose-based Cisco is expected to announce the cuts within the next few weeks, as many early retirement package plans already...