Prudential cuts IBM revenue estimate

By : |December 29, 2000 0

NEW YORK: Prudential said on Thursday that it was lowering its fourth quarter
revenue forecast for computer giant International Business Machines to $24.5
billion from $25.3 billion.

Prudential analyst Kimberly Alexy said in a research report that it was
reducing its outlook for the company because of expectations of weakness in the
company’s personal computer, hard disk drive and software businesses.

Prudential said it is maintaining fourth quarter earnings estimate of $1.39 a
share, compared with consensus estimates of $1.46. It said it was not changing
its earnings estimates because it believes the company "has sufficient
control over discretionary expenses to offset a potential revenue
shortfall."

IBM’s shares were down at $82-1/4 in pre-open trading from $84-11/16 at
Wednesday’s close.

(C) Reuters Limited 2000.

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