Cutting Forecast for Williams Cos.

S&P revises earnings estimates for H.J. Heinz and others

Dec. 31

Company: Williams Cos. (WMB )

Year ending: Dec-03

Prior estimate: 0.65

New estimate: 0.25

Rationale: Asset sales, continued business weakness

Dec. 27

Company: H.J. Heinz (HNZ )

Year ending: Apr-03

Prior estimate: 2.50

New estimate: 2.02

Rationale: Reflects divesture of some businesses

Dec. 26

Company: Dana Corp (DCN )

Year ending: Dec-02

Prior estimate: 0.87

New estimate: 1.18

Rationale: Adjustments to exclude unusual costs

Dec. 24

Company: Bowater (BOW )

Year ending: Dec-03

Prior estimate: 1.55

New estimate: -0.70

Rationale: Weak newsprint, lumber prices

Company: SABRE Holdings (TSG )

Year ending: Dec-03

Prior estimate: 2.21

New estimate: 1.70

Rationale: See severe travel demand decline

Company: Tesoro Petroleum (TSO )

Year ending: Dec-03

Prior estimate: 2.35

New estimate: 0.94

Rationale: New refining margins forecast

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