Raising Estimate for Gap

S&P revises earnings estimates for Ultratech Stepper and others

Company: Barrick Gold (ABX )

Year ending: Dec-03

Prior estimate: 0.42

New estimate: 0.25

Rationale: Higher costs, taxes

Company: Cable Design (CDT )

Year ending: Jul-03

Prior estimate: 0.27

New estimate: 0.23

Rationale: Lower gross margins

Company: Gap Inc (GPS )

Year ending: Jan-04

Prior estimate: 0.58

New estimate: 0.76

Rationale: New management, more customer-centric focus

Company: Integrated Device (IDTI )

Year ending: Mar-04

Prior estimate: -0.40

New estimate: -0.15

Rationale: Cost cuts, including staff reduction

Company: Systems & Computer Technology (SCTC )

Year ending: Sep-03

Prior estimate: 0.62

New estimate: 0.41

Rationale: SG&A costs absorbed from acquisitions

Company: Ultratech Stepper (UTEK )

Year ending: Dec-03

Prior estimate: 0.03

New estimate: -0.08

Rationale: Cost cuts may be slower than expected

Feb. 27

Company: Airborne Inc (ABF )

Year ending: Dec-03

Prior estimate: 0.50

New estimate: 0.57

Rationale: Strengthening international volumes

Company: DaimlerChrysler (DCX )

Year ending: Dec-03

Prior estimate: 4.06

New estimate: 3.45

Rationale: Rising pension, post-retirement obligations

Company: Dynegy Inc (DYN )

Year ending: Dec-03

Prior estimate: 0.09

New estimate: 0

Rationale: Weak fourth-quarter, energy trading environment

Company: Host Marriott (HMT )

Year ending: Dec-03

Prior estimate: -0.04

New estimate: -0.24

Rationale: War worries affecting bookings

Company: Lamar Advertising (LAMR )

Year ending: Dec-03

Prior estimate: -0.09

New estimate: -0.18

Rationale: War worries delay outdoor ad recovery

Company: Limited Brands (LTD )

Year ending: Jan-04

Prior estimate: 1.15

New estimate: 1.03

Rationale: Weak first-half outlook

Company: Metro One (MTON )

Year ending: Dec-03

Prior estimate: 0.60

New estimate: 0.53

Rationale: Worsening fundamentals

Company: ONEOK Inc (OKE )

Year ending: Dec-03

Prior estimate: 1.50

New estimate: 1.80

Rationale: Strong gas prices; high storage levels

Company: Protein Design (PDLI )

Year ending: Dec-03

Prior estimate: -0.25

New estimate: -0.30

Rationale: Higher R&D spending

Company: Shaw Group (SGR )

Year ending: Aug-03

Prior estimate: 1.95

New estimate: 1.35

Rationale: Weak demand for power projects

Company: Williams Cos. (WMB )

Year ending: Dec-03

Prior estimate: 0.25

New estimate: 0.20

Rationale: Company guidance; excluding items

Feb. 26

Company: Alcatel (ALA )

Year ending: Dec-03

Prior estimate: -0.39

New estimate: -0.55

Rationale: Lower sales outlook

Company: Allegheny Energy (AYE )

Year ending: Dec-03

Prior estimate: 1.65

New estimate: 0.75

Rationale: Potential share dilution from financing

Company: Autodesk (ADSK ) Year ending: Jan-04

Prior estimate: 0.66

New estimate: 0.52

Rationale: Weaker than expected near term outlook

Company: Eaton Vance (EV )

Year ending: Oct-03

Prior estimate: 1.77

New estimate: 1.52

Rationale: Lower 2003 growth of assets under management

Company: Goodrich (GR )

Year ending: Dec-03

Prior estimate: 2.00

New estimate: 1.55

Rationale: Ailing airline, commercial craft manufacturing markets

Company: Quanex Corp (NX )

Year ending: Oct-03

Prior estimate: 2.85

New estimate: 3.15

Rationale: Better than expected first-quarter EPS

Company: Tyson Foods (TSN )

Year ending: Sep-03

Prior estimate: 0.95

New estimate: 0.85

Rationale: Continued low pricing in second quarter

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