Markets & Finance

Cutting Forecast for Bank of New York


Company: Adtran (ADTN)

Year ending: Dec-02

Prior estimate: 0.58

New estimate: 0.72

Rationale: Higher guidance from company

Company: American Electric Power (AEP)

Year ending: Dec-02

Prior estimate: 2.68

New estimate: 3.15

Rationale: New estimates exclude one-time items

Company: Bank of New York (BK)

Year ending: Dec-02

Prior estimate: 2.08

New estimate: 1.55

Rationale: Operating environment not rebounding in the second half

Company: CMS Energy (CMS)

Year ending: Dec-02

Prior estimate: 2.87

New estimate: 1.45

Rationale: New estimates exclude one-time items

Company: Constellation Energy Group (CEG)

Year ending: Dec-02

Prior estimate: 3.45

New estimate: 2.54

Rationale: New estimates exclude one-time items

Company: DPL (DPL)

Year ending: Dec-02

Prior estimate: 0.69

New estimate: 1.70

Rationale: New estimates exclude one-time items

Company: Edison Intl. (EIX)

Year ending: Dec-02

Prior estimate: 3.20

New estimate: 1.60

Rationale: New estimates exclude one-time items

Company: Entergy (ETR)

Year ending: Dec-02

Prior estimate: 2.29

New estimate: 3.55

Rationale: New estimates exclude one-time items

Company: Jack Henry (JKHY)

Year ending: Jun-03

Prior estimate: 0.75

New estimate: 0.67

Rationale: Light demand for inhouse banking products

Company: Micrel (MCRL)

Year ending: Dec-02

Prior estimate: 0.02

New estimate: -0.08

Rationale: Pause in chip recovery

Company: Nuevo Energy (NEV)

Year ending: Dec-02

Prior estimate: 0.95

New estimate: 1.11

Rationale: Updated oil/gas price forecasts

Company: Park Place Entertainment (PPE)

Year ending: Dec-02

Prior estimate: 0.56

New estimate: 0.50

Rationale: Expected third-quarter shortfall, including items

Company: PG&E (PCG)

Year ending: Dec-02

Prior estimate: 3.65

New estimate: 2.10

Rationale: New estimates exclude one-time items

Company: PPL (PPL)

Year ending: Dec-02

Prior estimate: 2.50

New estimate: 3.40

Rationale: New estimates exclude one-time items

Company: Public Service Enterprises (PEG)

Year ending: Dec-02

Prior estimate: 2.00

New estimate: 3.70

Rationale: New estimates exclude one-time items

Company: Stilwell Financial (SV)

Year ending: Dec-02

Prior estimate: 1.29

New estimate: 1.11

Rationale: Lower assets under management, management fees

Company: Telephone & Data (TDS)

Year ending: Dec-02

Prior estimate: -14.57

New estimate: 3.33

Rationale: Prior estimates were as reported; new are operating

Company: Tellabs (TLAB)

Year ending: Dec-02

Prior estimate: -0.04

New estimate: -0.06

Rationale: Weak telecom spending

Company: U.S. Cellular (USM)

Year ending: Dec-02

Prior estimate: 0.72

New estimate: 2.37

Rationale: Prior estimates were as reported; new are operating

Company: Valero Energy (VLO)

Year ending: Dec-02

Prior estimate: 0.51

New estimate: 0.42

Rationale: Weak refining margins

Company: Vintage Petroleum (VPI)

Year ending: Dec-02

Prior estimate: 0.15

New estimate: 0.24

Rationale: Updated oil/gas prices

Company: Wisconsin Energy (WEC)

Year ending: Dec-02

Prior estimate: 1.60

New estimate: 2.30

Rationale: New estimates exclude one-time items

OCT. 2

Company: Advanced Micro Devices (AMD)

Year ending: Dec-02

Prior estimate: -1.40

New estimate: -1.80

Rationale: Big third-quarter revenue miss, lower revenue outlook

Company: Advent Software (ADVS)

Year ending: Dec-02

Prior estimate: 0.44

New estimate: 0.08

Rationale: Company cuts revenue guidance

Company: American Power Conversion (APCC)

Year ending: Dec-02

Prior estimate: 0.52

New estimate: 0.61

Rationale: Improved gross margin

Company: Comerica (CMA)

Year ending: Dec-02

Prior estimate: 4.75

New estimate: 3.45

Rationale: To take $328 million pretax charge

Company: Credence Systems (CMOS)

Year ending: Oct-03

Prior estimate: -0.35

New estimate: -0.46

Rationale: Sees order decline as usage falls

Company: Dow Chemical (DOW)

Year ending: Dec-02

Prior estimate: 1.05

New estimate: 0.70

Rationale: Company guidance, high raw material costs

Company: Electro Scientific (ESIO)

Year ending: May-03

Prior estimate: 0.08

New estimate: -0.25

Rationale: To take charge on plant closure

Company: Ford Motor (F)

Year ending: Dec-02

Prior estimate: 0.54

New estimate: 0.44

Rationale: Recent soft sales

Company: Nortel Networks (NT)

Year ending: Dec-02

Prior estimate: -0.36

New estimate: -0.46

Rationale: Lower telecom spending

Company: Polycom (PLCM)

Year ending: Dec-02

Prior estimate: 0.60

New estimate: 0.47

Rationale: Company guidance

Company: Wellman (WLM)

Year ending: Dec-02

Prior estimate: 1.15

New estimate: 0.88

Rationale: Company guidance


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