Markets & Finance

Lower Estimate for BellSouth


Company: Allegheny Technologies (ATI)

Year ending: Dec-02

Prior estimate: -0.10

New estimate: -0.20

Rationale: Weakness in high-performance mtls, ind. prod

Company: Arris Group (ARRS)

Year ending: Dec-02

Prior estimate: 0.29

New estimate: 0.22

Rationale: Impact of Adelphia bankruptcy

Company: BellSouth Corp. (BLS)

Year ending: Dec-02

Prior estimate: 2.23

New estimate: 1.89

Rationale: Investment losses, declining revenues

Company: HEICO Corp. (HEI)

Year ending: Oct-02

Prior estimate: 0.45

New estimate: 0.60

Rationale: Initial 2002 EPS estimates too pessimistic

Company: Integrated Device (IDTI)

Year ending: Mar-03

Prior estimate: 0.18

New estimate: 0.08

Rationale: More cautious about revenue growth

Company: MeadWestvaco (MWV)

Year ending: Oct-02

Prior estimate: 0.38

New estimate: 0.20

Rationale: See coated papers facing weak demand

Company: Mentor Graphics (MENT)

Year ending: Dec-02

Prior estimate: 0.10

New estimate: 0.29

Rationale: Company guidance, slowing chipmaker R&D

Company: Patterson-UTI (PTEN)

Year ending: Dec-02

Prior estimate: 0.32

New estimate: 0.11

Rationale: Second-quarter conference call, updated market outlook

JULY 19

Company: American Management Systems (AMSY)

Year ending: Dec-02

Prior estimate: 1.10

New estimate: 0.95

Rationale: Continued communications segment weakness

Company: Andrew Corp. (ANDW)

Year ending: Sep-03

Prior estimate: 0.60

New estimate: 0.47

Rationale: Celiant acquisition

Company: Atmel Corp. (ATML)

Year ending: Dec-02

Prior estimate: -0.10

New estimate: -0.25

Rationale: Company sees longer time to recovery

Company: Axcelis Technology (ACLS)

Year ending: Dec-02

Prior estimate: -0.39

New estimate: -0.15

Rationale: Slowing revenue growth

Company: Cummins Inc. (CUM)

Year ending: Dec-02

Prior estimate: 1.50

New estimate: 1.50 0.70

Rationale: Company guidance, sluggish capex

Company: DaimlerChrysler (DCX)

Year ending: Dec-02

Prior estimate: 2.20

New estimate: 2.90

Rationale: Sooner than expected restructuring savings

Company: Diamond Offshore (DO)

Year ending: Dec-02

Prior estimate: 0.74

New estimate: 0.57

Rationale: 2Q conference call, updated market outlook

Company: DuPont Photomask (DPMI)

Year ending: Jun-02

Prior estimate: -0.20

New estimate: -0.04

Rationale: Company guidance

Company: Ford Motor (F)

Year ending: Dec-02

Prior estimate: 0.23

New estimate: 0.18

Rationale: Production, profitability outlook

Company: McDATA Corp (MCDTA)

Year ending: Dec-02

Prior estimate: -0.17

New estimate: -0.09

Rationale: 2 GB/s product transition

Company: Metris Cos (MXT)

Year ending: Dec-02

Prior estimate: 1.52

New estimate: -1.25

Rationale: Lower sales, relatively higher costs

Company: NEXTEL Communications (NXTL)

Year ending: Dec-02

Prior estimate: -1.81

New estimate: -1.20

Rationale: Improving expense controls

Company: NICOR Inc. (GAS)

Year ending: Dec-02

Prior estimate: 3.20

New estimate: 2.70

Rationale: News of restatements, lowered views

Company: PeopleSoft (PSFT)

Year ending: Dec-02

Prior estimate: 0.67

New estimate: 0.57

Rationale: Challenging IT spending environment

Company: Photronics (PLAB)

Year ending: Oct-02

Prior estimate: 0.52

New estimate: 0.15

Rationale: Weak demand, increased competition

Company: Plexus Corp. (PLXS)

Year ending: Sep-02

Prior estimate: 0.25

New estimate: 0.20

Rationale: End-market weakness, lack of market share

Company: PMC-Sierra (PMCS)

Year ending: Dec-02

Prior estimate: -0.20

New estimate: -0.23

Rationale: Soft demand; valuation

Company: Rational Software (RATL)

Year ending: Mar-03

Prior estimate: 0.36

New estimate: 0.25

Rationale: Tough IT spending environment, telecom exposure

Company: Robert Half Int. (RHI)

Year ending: Dec-02

Prior estimate: 0.45

New estimate: 0.10

Rationale: No sign of breaking out of downturn

Company: Sanmina-SCI (SANM)

Year ending: Sep-03

Prior estimate: 0.55

New estimate: 0.35

Rationale: Ongoing end-market weakness

Company: Sprint Corp (FON)

Year ending: Dec-02

Prior estimate: 1.35

New estimate: 1.05

Rationale: Pricing pressure, 2Q writedown

Company: Sun Microsystems (SUNW)

Year ending: Jun-03

Prior estimate: 0.17

New estimate: 0.13

Rationale: Company guidance

Company: Symbol Technologies (SBL)

Year ending: Dec-02

Prior estimate: 0.25

New estimate: 0.21

Rationale: Weak IT spending climate

Company: Unisys Corp (UIS)

Year ending: Dec-02

Prior estimate: 0.65

New estimate: 0.55

Rationale: Company guidance, IT spending slowdown

Company: US Freightways (USFC)

Year ending: Dec-02

Prior estimate: 1.75

New estimate: 1.57

Rationale: Slower than expected economic recovery

Company: Visteon Corp (VC)

Year ending: Dec-02

Prior estimate: 0.67

New estimate: 0.54

Rationale: Change in production outlook for Ford

Company: Xilinx Inc. (XLNX)

Year ending: Mar-03

Prior estimate: 0.63

New estimate: 0.55

Rationale: See lower revenues for next quarter or two


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