Analyst Actions: Apple, Gateway, VerticalNet, AirGate PCS

Hey, you know the drill. You reap what you sow. And after

Apple

(AAPL) - Get Apple Inc. Report

announced that its first-quarter revenue figures would

come in at $1 billion, $600 million less than the analysts' expectation, the analysts have returned the favor.

Here are the highlights:

Lehman Brothers said, "We continue to remain cautious on the stock," and dropped its 2001 earnings per share estimate to a 15-cent loss from a $1.15 profit.
Credit Suisse First Boston made a bunch of comments, not only on Apple's disappointment, but on the entire sector. "We can no longer ignore signs of shriveling demand," said analyst Kevin McCarthy, who downgraded Apple to hold, along with fellow personal computer makers Gateway (GTW) and Compaq (CPQ) . He also reduced earnings estimates on IBM (IBM) - Get International Business Machines Corporation Report, Dell (DELL) - Get Dell Technologies Inc Class C Report and Hewlett-Packard (HWP) .
Merrill Lynch analyst Steven Fortuna said, "This does not come as a surprise to us, although the magnitude of the shortfall surpassed even our low expectations." He cut Apple's 2001 EPS estimate to a 65-cent loss from a 90-cent profit.

Upgrades

Abgenix

(ABGX)

: UP to strong buy from accumulate at

Prudential Securities

.

Dynamic Details

(DDIC)

: UP at CSFB, 2001 EPS to $1.55 from $1.45.

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Electronic Data Systems

(EDS)

: UP at CSFB, 2001 EPS to $2.60 from 5 cents.

Nokia

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: UP at CSFB, 2001 EPS to 95 cents from 91 cents.

Tosco

(TOS)

: UP to accumulate from hold at Prudential.

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: UP to strong buy from accumulate at Prudential.

Downgrades

Diamond Technology

(DTPI)

: DOWN at Lehman, 2002 EPS to $1.60 from $1.72, price target to $50 from $95.

Heinz

(HNZ)

: DOWN to accumulate from buy at Merrill, 2001 EPS to $2.79 from $2.81.

Ultramar Diamond Shamrock

(UDS)

: DOWN to accumulate from strong buy at Prudential, 2000 EPS to $4.35 from $4.75, 2001 EPS to $3.80 from $4.15.

VerticalNet

(VERT)

: DOWN to long-term accumulate from long-term buy at Merrill.

Initiations

AirGate PCS

(PCSA)

: NEW buy at Lehman; price target: $83.