) to underperform from neutral.
Analyst Michael Russell says the situation seems worse than expected not only in terms of the economy, but also because of an accounting impact. The company cited $3 million-$6 million in one-time items that were not discussed in the press release at all.
Russell thinks Axciom is increasing investors' uncertainty by not holding a conference call until Wednesday. He cut the $0.36 4Q EPS estimate to $0.10 and put the fiscal 2002 (March) estimates under review. Russell says there's no visibility beyond Q4, and says the disappointing guidance warrants Monday's stock price weakness.