Lower Estimate for Medicis Pharmaceutical

S&P revises earnings forecasts for 3Com and others

June 27

Company: Medicis Pharmaceutical (MRX )

Year ending: Jun-2004

Prior estimate: 2.56

New estimate: 2.25

Rationale: Launch costs for its Restylane product

June 26

Company: 3Com Corp (COMS )

Year ending: May-2004

Prior estimate: -.11

New estimate: -.18

Rationale: Pricing; lower volumes

Company: Cable Design (CDT )

Year ending: Jul-2004

Prior estimate: .35

New estimate: .31

Rationale: Weak end-market

Company: Nucor Corp (NUE )

Year ending: Dec-2003

Prior estimate: 1.70

New estimate: 1.50

Rationale: Higher raw material costs

Company: Research in Motion (RIMM )

Year ending: Feb-2004

Prior estimate: -.22

New estimate: -.07

Rationale: Now excludes litigation reserve, charges

Company: Steel Dynamics (STLD )

Year ending: Dec-2003

Prior estimate: 1.15

New estimate: 1.00

Rationale: Higher raw materials costs

June 25

Company: AG Edwards (AGE )

Year ending: Feb-2004

Prior estimate: 1.27

New estimate: 1.41

Rationale: Higher expected sales

Company: CNF Inc (CNF )

Year ending: Dec-2003

Prior estimate: 1.90

New estimate: 1.60

Rationale: Units weakened by economy

Company: Palm Inc (PALM )

Year ending: May-2004

Prior estimate: .59

New estimate: -1.30

Rationale: Higher expected tax payments in fiscal year 2004

Company: Steelcase (SCS )

Year ending: Feb-2004

Prior estimate: .06

New estimate: -.04

Rationale: Weak North American sales

Company: Verity Inc (VRTY )

Year ending: May-2004

Prior estimate: .50

New estimate: .35

Rationale: Most revenue shortfall to fall to bottom line

June 24

Company: Advanced Micro Devices (AMD )

Year ending: Dec-2003

Prior estimate: -.80

New estimate: -1.10

Rationale: Lower 2Q revenue guidance from co.

Company: Carpenter Technology (CRS )

Year ending: Jun-2004

Prior estimate: -.47

New estimate: -.30

Rationale: Company guidance of lower interest expense

Company: InFocus Corp (INFS )

Year ending: Dec-2003

Prior estimate: -.85

New estimate: -1.25

Rationale: Weak end market

Company: Lehman Brothers (LEH )

Year ending: Nov-2003

Prior estimate: 4.26

New estimate: 5.22

Rationale: Higher expected sales

Company: Park Place Entertainment (PPE )

Year ending: Dec-2003

Prior estimate: .41

New estimate: .46

Rationale: Company's second quarter guidance

Company: Payless Shoesource (PSS )

Year ending: Jan-2004

Prior estimate: 1.34

New estimate: .63

Rationale: Company cites unseasonable weather

Company: Valmont Industries (VMI )

Year ending: Dec-2003

Prior estimate: 1.43

New estimate: 1.27

Rationale: See margins negatively impacted

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