Shares of Cisco Systems Inc. led the technology sector higher Wednesday after CEO John Chambers vowed to take "bold steps" to turn the company around following recent missteps — including three disappointing quarterly reports.

In a memo to employees that the technology bellwether posted on its corporate blog Tuesday, Chambers offered few specifics but suggested that big changes are coming.

Shares of Cisco, which is the world's largest maker of networking equipment, on Wednesday rose 85 cents, or 5 percent — the most of any stock in the Dow Jones industrial average — to $18.07 in trading. The stock is still down about 10.4 percent year-to-date.

In a research note published during trading on Tuesday, Wedbush Morgan analyst Rohit Chopra called the memo a "necessary first step in order to reinvigorate growth" and added that he is "more optimistic about the company's prospects." In trading that day, Cisco shares rose 16 cents, or 1 percent, to close at 17.22.

Cisco has branched out beyond its core business of selling routers and switches that form the backbone of the Internet. It has moved into related areas such as cable set-top boxes and digital cameras that have made the company more visible to consumers.