Steve Weiss, managing partner at Short Hills Capital, said in a recent appearance on CNBC's Halftime Report that he sold Cisco Systems (NASDAQ:CSCO) and cut his position in Meta Platforms (NASDAQ:META). Weiss said he is getting cautious because Treasury yields keep climbing. The 10-year yield sat near 5.26% during the program. He said 5% now looks like support and he sees a clear path to 6%. Weiss said he sees no reason for the 10-year yield to come down. He pointed to oil and geopolitics, saying it is in Iran's interest to keep oil prices high. Why he sold Cisco The analyst said he sold Cisco because the trade did not work. He bought the stock after it dropped following the company's last quarterly report, hoping for a bounce. The bounce never came.
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