Wit Soundview Cuts Ratings on Qualcomm, Akamai

Wit Soundview cut its estimates on wireless communications concern Qualcomm(QCOM Quote - Cramer on QCOM - Stock Picks) and lowered its rating on Internet content delivery provider Akamai Technologies(AKAM Quote - Cramer on AKAM - Stock Picks) today.

Wit Soundview cut its rating on Qualcomm to hold from buy and lowered the earnings estimates for 2001 and 2002. The firm cut earnings projections for 2001 to $1.18 a share from $1.27. Wit reduced 2002 estimates by 10 cents a share to $1.40. Analysts polled by First Call/Thomson Financial are calling for Qualcomm to earn $1.27 in 2001 and $1.66 in 2002.

On Tuesday, Nokia(NOK Quote - Cramer on NOK - Stock Picks) reported disappointing sales and many companies in the mobile phone industry such as Ericsson(ERICY Quote - Cramer on ERICY - Stock Picks) and Motorola(MOT Quote - Cramer on MOT - Stock Picks) suffered. Earlier today, analysts for Deutsche Bank Alex. Brown and Credit Suisse First Boston lowered their forecasts for mobile phone sales.

Wit lowered its rating on Akamai to hold from buy. Shares of Qualcomm fell $5.06, or 6.9%, to $68.13 in recent Nasdaq trading. Akamai lost 13 cents, or 0.6%, to $20.44.