Hold CSCO at $121.43 with a calibrated event-risk framework ahead of Aug 12 earnings + CPI dual-event setup. Execute a disciplined 25% trim on any push above $122 into the print, with hard stop at $113 (2.1 ATR based on $3.96 ATR). Post-print, add on $115-118 dip if beat-and-raise, exit next open if in-line with soft guidance, and close position if earnings miss.