Cutting Estimate for Adtran

S&P also lowers earnings forecast for Alcatel

Company: Adtran Inc. (ADTN )

Year ending: Dec-02

Prior estimate: 0.70

New estimate: 0.50

Rationale: Lower telecom spending

JAN. 11

Company: Alcatel (ALA )

Year ending: Dec-02

Prior estimate: 0.16

New estimate: d0.17

Rationale: Continued soft global economics

Company: Cree Inc. (CREE )

Year ending: Jun-02

Prior estimate: 0.55

New estimate: 0.09

Rationale: December quarter results