Improved Forecast for Integrated Device Technology

S&P revises earnings estimates for International Paper and others

Dec. 5

Company: Integrated Device Technology (IDTI )

Year ending: Mar-2004

Prior estimate: -.02

New estimate: .00

Rationale: Higher guidance; industry growth

Dec. 4

Company: Emmis Communications (EMMS )

Year ending: Feb-2004

Prior estimate: .37

New estimate: .19

Rationale: Soft near-term radio ad spending

Company: International Paper (IP )

Year ending: Dec-2004

Prior estimate: 2.00

New estimate: 1.79

Rationale: Less aggressive pricing & demand

Company: Mandalay Resort (MBG )

Year ending: Jan-2004

Prior estimate: 2.35

New estimate: 2.60

Rationale: Better than expected third quarter

Company: Michaels Stores (MIK )

Year ending: Jan-2005

Prior estimate: 2.63

New estimate: 2.89

Rationale: Solid consumer holiday spending

Company: Payless ShoeSource (PSS )

Year ending: Jan-2005

Prior estimate: .82

New estimate: .68

Rationale: Highly promotional retail environment

Company: QUALCOMM (QCOM )

Year ending: Sep-2004

Prior estimate: 1.20

New estimate: 1.47

Rationale: First quarter guidance

Company: Synopsys Inc (SNPS )

Year ending: Oct-2004

Prior estimate: 1.83

New estimate: 1.55

Rationale: Cautious software spending by chipmakers

Dec. 3

Company: ADC Telecom (ADCT )

Year ending: Oct-2004

Prior estimate: .03

New estimate: .05

Rationale: Strong gross margin improvement

Company: Arch Coal (ACI )

Year ending: Dec-2004

Prior estimate: 1.01

New estimate: 1.11

Rationale: Positive economic trends

Company: Boeing Co (BA )

Year ending: Dec-2004

Prior estimate: 1.95

New estimate: 1.70

Rationale: Weaker outlook

Company: Stewart & Stevenson (SVC )

Year ending: Jan-2004

Prior estimate: .74

New estimate: .14

Rationale: Changed margin assumptions

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