Lower Forecast for Halliburton

S&P revises earnings estimates for McData and others

Company: Halliburton (HAL )

Year ending: Dec-02

Prior estimate: 1.12

New estimate: 0.72

Rationale: Updated market outlook

Company: Ionics Inc. (ION )

Year ending: Dec-02

Prior estimate: 0.85

New estimate: 0.70

Rationale: Weak revenues

Company: McData Corp. (MCDT )

Year ending: Dec-02

Prior estimate: d0.10

New estimate: d0.17

Rationale: Slower turnaround in demand

Company: Occidental Petroleum (OXY )

Year ending: Dec-02

Prior estimate: 1.37

New estimate: 1.94

Rationale: Updated market outlook

MAY 3

Company: American Power Conversion (APCC )

Year ending: Dec-02

Prior estimate: 0.80

New estimate: 0.69

Rationale: Continued weak demand for product

Company: Cal Dive (CDIS )

Year ending: Dec-02

Prior estimate: 0.87

New estimate: 0.70

Rationale: Updated market outlook

Company: ICOS Corp. (ICOS )

Year ending: Dec-02

Prior estimate: d2.75

New estimate: d2.20

Rationale: Lower costs

Company: Lyondell Chemical (LYO )

Year ending: Dec-02

Prior estimate: Nil

New estimate: d0.50

Rationale: Larger than expected first quarter loss

Company: Pep Boys (PBY )

Year ending: Jan-03

Prior estimate: 0.72

New estimate: 0.86

Rationale: Improvng comparable store sales outlook

Company: Sapient (SAPE )

Year ending: Dec-02

Prior estimate: d0.38

New estimate: d0.50

Rationale: Weak first quarter

Company: Tesoro Petroleum (TSO )

Year ending: Dec-02

Prior estimate: 1.80

New estimate: Nil

Rationale: Higher interest income, weak margins

Company: U.S. Steel (X )

Year ending: Dec-02

Prior estimate: 0.30

New estimate: d1.10

Rationale: Continued weakness in tubular goods business

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