Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

Merrill Cuts Apple to 'Long Term Neutral'


Merrill Lynch maintains near term neutral on Apple Computer (AAPL), but downgraded to long term neutral from buy.

Analyst Steve Fortuna says the third quarter shortfall primarily was due to weakness in worldwide demand for its consumer PCs and professional products, as well as pronounced softness across all product lines in Europe.

Fortuna cut the $0.12 third quarter earnings per share estimate to $0.08, and trimmed the $1.6 billion revenue outlook to $1.4 billion, as well as cutting the $0.50 fiscal 2002 (Sept.) EPS to $0.40, and cutting the $6.2 billion revenue estimate to $5.8 billion.

Fortuna downgraded his long term rating due to a lack of long term visibility.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus