CSCO will come up with its easnings today AH. Many beleive it will go up (based on option action). I fee CSCO will not move that much after the earnings. It will be between 17-18. So maybe the best trade would be short straddle 17 May.
Note: I have no positions on CSCO and will not do the trade that I am recommending because CSCO is not a stock that I trade.
Now CSCO looks very attractive at 17.5ish. It should be up tomorrow.