Fusion-io may be in supply deal talks with Cisco: Piper Jaffray

(Reuters) - Fusion-io Inc might be working on a deal with Cisco Systems Inc to supply its memory cards to the world's largest network equipment maker, Piper Jaffray said.

Shares of Fusion-io, which makes storage memory for data centers, rose 12 percent to $27.72 in midday trade, making the stock one of the biggest intra-day gainers on the New York Stock Exchange.

Fusion-io might be working on a deal to embed its memory cards into Cisco's servers, which could make Cisco a 10-percent customer within three to four quarters, the brokerage said in a note.