Reuters is reporting that Bear Stearns analyst Andrew Neff has cut profit estimates across the board in the PC industry. Mr. Neff released a research note for Bear Sterns clients that cited weak business conditions. From that article:
Bear Stearns analyst Andrew Neff made across-the-board revenue and profit cuts for computer hardware makers, including Hewlett-Packard Co. and Dell Computer Corp., citing weak business conditions following this monthis terror attacks.
Neff, who did not change any of his investment ratings on the companies, cut profit estimates for business computer makers International Business Machines Corp. and Sun Microsystems Inc. and personal computer makers, including Gateway Inc. and Apple Computer Inc.
"We want to be clear: these reductions are not based on new company guidance, but our sense is that the current tone of business is weak and uncertain and we expect the current macro slowdown and IT spending hesitation to continue into the December quarter," Neff wrote.
There is additional information on the other companies cut by Mr. Neff in the full article, but there is no more specific information about Apple. If there are any Observers who have the full research note, please let us know.