Lower Estimate for FleetBoston

S&P revises earnings forecasts for Gilead Sciences and many others

Company: Anadarko Petroleum (APC )

Year ending: Dec-02

Prior estimate: 2.75

New estimate: 3.04

Rationale: Updated guidance

Company: CenturyTel (CTL )

Year ending: Dec-02

Prior estimate: 1.48

New estimate: 2.17

Rationale: New estimate includes $0.55 per share in discontinued operations

Company: Edison Intl. (EIX )

Year ending: Dec-02

Prior estimate: 1.60

New estimate: 1.85

Rationale: Third-quarter EPS well above expectations

Company: FleetBoston Financial (FBF )

Year ending: Dec-02

Prior estimate: 1.80

New estimate: 1.50

Rationale: Latin American credit woes

Company: Keithley Instruments (KEI )

Year ending: Sep-03

Prior estimate: 0.21

New estimate: 0.28

Rationale: Company guidance

Company: Midway Games (MWY )

Year ending: Jun-03

Prior estimate: -0.08

New estimate: -0.01

Rationale: Sports not selling as well as expected

Company: Olin Corp (OLN )

Year ending: Dec-02

Prior estimate: -0.20

New estimate: -0.45

Rationale: Company forecast, lagging chlor-alkali prices

Company: Pittston (PZB )

Year ending: Dec-02

Prior estimate: 1.62

New estimate: 1.42

Rationale: Company guidance, reduced margins

Company: Providian Financial (PVN )

Year ending: Dec-02

Prior estimate: 0.74

New estimate: 0.50

Rationale: Cut to reflect continuing operations

Company: Valero Energy (VLO )

Year ending: Dec-02

Prior estimate: 0.87

New estimate: 0.77

Rationale: Adjustment of previous estimate

Company: Vintage Petroleum (VPI )

Year ending: Dec-02

Prior estimate: 0.31

New estimate: 0.56

Rationale: Better than expected third-quarter results

OCT. 31

Company: Aon (AOC )

Year ending: Dec-02

Prior estimate: 1.65

New estimate: 1.45

Rationale: Margins under pressure

Company: ArthroCare (ARTC )

Year ending: Dec-02

Prior estimate: 0.30

New estimate: 0.18

Rationale: Gross margin squeeze, inventory chg.

Company: Electro Scientific (ESIO )

Year ending: May-03

Prior estimate: 0.01

New estimate: 0.16

Rationale: New estimate excludes restructure costs

Company: FelCor Lodging (FCH )

Year ending: Dec-02

Prior estimate: -0.30

New estimate: -0.90

Rationale: Discounted occupancy rates

Company: Gilead Sciences (GILD )

Year ending: Dec-02

Prior estimate: 0.24

New estimate: 0.32

Rationale: Strong revenue gains in 2003, 2004

Company: IMCO Recycling (IMR )

Year ending: Dec-02

Prior estimate: 0.55

New estimate: 0.45

Rationale: Weak processing volume

Company: Newfield Exploration (NFX )

Year ending: Dec-02

Prior estimate: 1.38

New estimate: 1.96

Rationale: Updated production, acquisitions

Company: NEXTEL Communications (NXTL )

Year ending: Dec-02

Prior estimate: -0.39

New estimate: -0.19

Rationale: Solid third quarter, stable customer base, new services

Company: Northrop Grumman (NOC )

Year ending: Dec-02

Prior estimate: 7.20

New estimate: 5.70

Rationale: Low margin sales, asset writedowns

Company: Phelps Dodge (PD )

Year ending: Dec-02

Prior estimate: -0.90

New estimate: -1.60

Rationale: Weakness in non-copper units

Company: PolyOne (POL )

Year ending: Dec-02

Prior estimate: 0.30

New estimate: 0.22

Rationale: Company sees "slightly profitable" fourth quarter

Company: Spinnaker Exploration (SKE )

Year ending: Dec-02

Prior estimate: 0.77

New estimate: 0.91

Rationale: Updated price forecasts

Company: Stilwell Financial (SV )

Year ending: Dec-02

Prior estimate: 1.11

New estimate: 0.97

Rationale: Drop in AUM like to hurt sales, EPS

Company: SureWest Communications (SURW )

Year ending: Dec-03

Prior estimate: 0.53

New estimate: 0.73

Rationale: Non-recurring revenue adjustment

Company: Tommy Hilfiger (TOM )

Year ending: Mar-03

Prior estimate: 1.68

New estimate: 1.21

Rationale: Company sees bleak holiday selling season

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