Raising Forecast for Corning

S&P revises earnings estimates for Delphi and others

May 9

Company: Avaya Inc (AV )

Year ending: Sep-03

Prior estimate: -0.26

New estimate: -0.05

Rationale: Gross margin improvement

Company: Belden Inc (BWC )

Year ending: Dec-03

Prior estimate: 0.30

New estimate: 0.03

Rationale: Slower cost reductions

Company: C-COR.net (CCBL )

Year ending: Jun-04

Prior estimate: 0.31

New estimate: -0.02

Rationale: Impact of no tax benefit

Company: Commscope (CTV )

Year ending: Dec-03

Prior estimate: 0.12

New estimate: -0.07

Rationale: Lower gross margin improvement

Company: Corning Inc (GLW )

Year ending: Dec-03

Prior estimate: -0.02

New estimate: 0.03

Rationale: Better than expected first quarter

Company: Delphi Corp (DPH )

Year ending: Dec-03

Prior estimate: 1.03

New estimate: 0.91

Rationale: Lower production, margin expectations

Company: Furniture Brands (FBN )

Year ending: Dec-03

Prior estimate: 2.30

New estimate: 1.98

Rationale: See lower sales, higher tax rate

Company: ICN Pharmaceuticals (ICN )

Year ending: Dec-03

Prior estimate: 1.10

New estimate: 0.85

Rationale: Weakness in North American pharmaceuticals

Company: Ohio Casual (OCAS )

Year ending: Dec-03

Prior estimate: 1.10

New estimate: 0.80

Rationale: Lower earned, net written premiums

Company: Schering-Plough (SGP )

Year ending: Dec-03

Prior estimate: 0.90

New estimate: 0.75

Rationale: Rx-to-OTC shifts; launch costs

Company: Scientific-Atlanta (SFA )

Year ending: Jun-04

Prior estimate: 0.70

New estimate: 0.78

Rationale: Higher sales growth

May 8

Company: Broadwing Inc (BRW )

Year ending: Dec-03

Prior estimate: -0.32

New estimate: 0.47

Rationale: Writedown of broadband unit

Company: Comcast (CMCSA )

Year ending: Dec-03

Prior estimate: 0.01

New estimate: -0.16

Rationale: Higher depreciation, amortization; integration costs

Company: Compuware (CPWR )

Year ending: Mar-04

Prior estimate: 0.30

New estimate: 0.27

Rationale: Fourth-quarter results lower than expected

Company: Mid Atlantic Medical Services (MME )

Year ending: Dec-03

Prior estimate: 2.75

New estimate: 3.15

Rationale: Company guidance

Company: Newmont Mining (NEM )

Year ending: Dec-03

Prior estimate: 0.70

New estimate: 1.00

Rationale: Better than projected first-quarter EPS

Company: Pixar (PIXR )

Year ending: Dec-03

Prior estimate: 1.50

New estimate: 1.25

Rationale: Certain profits shifted to 2004

Company: Polycom Inc (PLCM )

Year ending: Dec-03

Prior estimate: 0.17

New estimate: 0.15

Rationale: Slower operating expense reductions

Company: Radio One'A' (ROIA )

Year ending: Dec-03

Prior estimate: 0.30

New estimate: 0.26

Rationale: Slowed second-quarter advertising pacings

May 7

Company: Amazon.com (AMZN )

Year ending: Dec-03

Prior estimate: 0.30

New estimate: 0.49

Rationale: Higher sales; cost cuts

Company: Anixter Intl. (AXE )

Year ending: Dec-03

Prior estimate: 1.32

New estimate: 1.18

Rationale: Now includes other expenses

Company: Black Box Corp (BBOX )

Year ending: Mar-04

Prior estimate: 3.48

New estimate: 2.71

Rationale: Sharp dropoff in revenue expectations

Company: Charter Communications (CHTR )

Year ending: Dec-03

Prior estimate: -2.19

New estimate: -1.92

Rationale: Gains from high-speed data rollout

Company: Citrix Systems (CTXS )

Year ending: Dec-03

Prior estimate: 0.66

New estimate: 0.73

Rationale: Better prospects

Company: Electronc Arts (ERTS )

Year ending: Mar-04

Prior estimate: 2.81

New estimate: 3.14

Rationale: Fourth-quarter results better than expected

Company: Fidelity National (FNF )

Year ending: Dec-03

Prior estimate: 4.38

New estimate: 4.87

Rationale: AIS acquisition

Company: Lamar Advertising (LAMR )

Year ending: Dec-03

Prior estimate: -0.18

New estimate: -0.22

Rationale: Likely weaker than expected first half

Company: McDermott International (MDR )

Year ending: Dec-03

Prior estimate: -0.05

New estimate: 0.10

Rationale: Cost overruns, negative cash flows

Company: Pioneer Natural Resources (PXD )

Year ending: Dec-03

Prior estimate: 3.46

New estimate: 2.83

Rationale: First-quarter EPS, conference call; updated oil & gas prices

Company: Regeneron (REGN )

Year ending: Dec-03

Prior estimate: -2.79

New estimate: -2.42

Rationale: See lower costs

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