North American markets are expected to open flat Wednesday following a soft growth forecast from networking-equipment maker Cisco Systems.

After markets closed yesterday, Cisco said that fiscal second-quarter net income nearly doubled on strong sales of its newer products. However, the tech bellwether offered a subdued growth outlook for the coming months. Revenue rose 12%, near the bottom end of the firm’s forecasts

In this morning’s earnings news, insurance giant American International Group posted an 11% gain in fourth-quarter net income, despite charges for hurricanes in the U.S. and the tsunami in southern Asia.

In other news, Hewlett-Packard’s board announced that Carly Fiorina has stepped down as chairman and chief executive, effective immediately, over strategic disagreements.

Overnight in Asia, Japan’s stock market closed slightly lower while investors took the day off in several other Asian markets to celebrate the Lunar New Year.

Tokyo’s Nikkei Stock Average of 225 selected issues lost 17.08 points, or 0.15%, to close at 11,473.35 points.

Markets in Hong Kong, Malaysia and Taiwan were closed for the Lunar New Year holiday and were scheduled to reopen next Monday, Feb. 14. Singapore, Indonesia and South Korea were also closed for the holiday and were to resume trading Friday.

The Canadian dollar opened this morning at US80.12¢, down 0.03 of a cent. On Tuesday, the loonie rose 0.53 of a cent to US80.15¢ after closing below US80¢ Monday for the first time since October.

On Tuesday, Toronto stocks ended higher after late surge in the information technology sector. The S&P/TSX composite index rose 20.79 points, or 0.22%, to end at 9,392.68.

Volume was heavy with 334 million shares changing hands.

The junior S&P/TSX Venture composite index slid 10.49 points, 0.58%, to end at 1,812.67.

In New York, U.S. stocks ended slightly higher. The blue-chip Dow Jones industrial average was up 8.87 points, or 0.08% to close at 10,724.63. The S&P 500 advanced 0.58 of a point, or 0.05%, to end at 1,202.30. The tech-heavy Nasdaq composite index was up 4.65 points, or 0.22%, to close at 2,086.68.