Raising Forecast for Hovnanian

S&P revises earnings estimates for National Semiconductor and others

Company: Hovnanian (HOV )

Year ending: Oct-2004

Prior estimate: 7.50

New estimate: 8.55

Rationale: Company guidance, recent outperformance

Company: Kerr-McGee (KMG )

Year ending: Dec-2003

Prior estimate: 4.07

New estimate: 3.26

Rationale: Updated oil & gas prices

Company: National Semiconductor (NSM )

Year ending: May-2004

Prior estimate: .77

New estimate: 1.00

Rationale: Higher gross margins

Company: Payless Shoesource (PSS )

Year ending: Jan-2004

Prior estimate: .64

New estimate: .57

Rationale: Lower same store sales, margins

Sep. 3

Company: Amkor Technology (AMKR )

Dec-2003 Prior estimate: -.35

New estimate: -.25

Rationale: Improving sales, factory usage

Company: Millennium (MCH )

Year ending: Dec-2003

Prior estimate: -1.30

New estimate: -.90

Rationale: Accounting restatements

Company: Qwest Communications (Q )

Year ending: Dec-2003

Prior estimate: -.36

New estimate: -.32

Rationale: Expected cost controls

Company: Wellman (WLM )

Year ending: Dec-2003

Prior estimate: .95

New estimate: .45

Rationale: Higher feedstock costs

Sep. 2

Company: Boeing Co (BA )

Year ending: Dec-2003

Prior estimate: 2.00

New estimate: -.24

Rationale: $1.1 billion restructuring charge, asset writedown

Company: Integrated Device (IDTI )

Year ending: Mar-2004

Prior estimate: -.06

New estimate: -.03

Rationale: Company guidance; cost reductions

Company: Murphy Oil (MUR )

Year ending: Dec-2003

Prior estimate: 2.83

New estimate: 3.34

Rationale: Updated oil & gas prices

Aug. 28

Company: Interpublic Group (IPG )

Year ending: Dec-2003

Prior estimate: .02

New estimate: .15

Rationale: Smaller than expected restructure changes

Company: LTX Corp (LTXX )

Year ending: Jul-2004

Prior estimate: -.28

New estimate: -.25

Rationale: Improving order rates

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