Cutting Forecast for Bank of New York

S&P revises earnings estimates for AMD and many others

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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