Company: AMR Corp. (AMR

)

Year ending: Dec-01

Prior estimate: 5.00

New estimate: 3.75

Rationale: Reflects reduction in business travel

Company: Delta Air Lines (DAL

)

Year ending: Dec-01

Prior estimate: 4.35

New estimate: 2.70

Rationale: Weak travel demand, labor issues

Company: Freeport-McMoRan (FCX

)

Year ending: Dec-01

Prior estimate: 0.90

New estimate: 1.05

Rationale: Continued improvement in operations

Company: Hewlett-Packard (HWP

)

Year ending: Oct-01

Prior estimate: 1.50

New estimate: 1.05

Rationale: Expenses up while revenues declined

Company: Northwest Airlines (NWAC

)

Year ending: Dec-01

Prior estimate: 2.50

New estimate: 2.05

Rationale: Results hurt by slowing economy

Company: Rockwell International (ROK

)

Year ending: Sep-01

Prior estimate: 3.00

New estimate: 1.60

Rationale: Reflects spin-off

Company: Teradyne Inc. (TER

)

Year ending: Dec-01

Prior estimate: 1.05

New estimate: 0.40

Rationale: Weak orders & near-term outlook

Company: Texas Instruments (TXN

)

Year ending: Dec-01

Prior estimate: 0.82

New estimate: 0.31

Rationale: Order trends weaker than expected

Company: UAL Corp. (UAL

)

Year ending: Dec-01

Prior estimate: 0.55

New estimate: d3.50

Rationale: Higher fuel & labor costs

Company: US Airways (U

)

Year ending: Dec-01

Prior estimate: 0.20

New estimate: d2.20

Rationale: Weak economy, higher fuel costs

Company: UTI Energy (UTI

)

Year ending: Dec-01

Prior estimate: 1.26

New estimate: 1.68

Rationale: Q1 earnings, conference call

Company: Valero Energy (VLO

)

Year ending: Dec-01

Prior estimate: 4.56

New estimate: 7.00

Rationale: Stronger industry-wide gasoline margins