Bear Stearns

cut computermaker

Dell's

(DELL) - Get Report

earnings-per-share estimates for the next two years to reflect lower sales and margins, according to news service

Reuters

.

The firm trimmed Dell's 2001 EPS outlook to 87 cents from 92 cents and its 2002 EPS view to 90 cents from $1.05.

Reuters also said Bear Stearns expects outer PC-related companies to guide down estimates during earnings season.

Goldman Sachs

did some rejiggering on its recommended list, returning

Spieker Properties

( SPK) to it and removing

Developers Diversified Realty

(DDR)

. Also,

W.P. Stewart

( WPL) was started at Goldman with a recommended list rating. Its EPS was set at $1.95 for 2001 and $2.35 for 2002.

Upgrades

Calpine

(CPN)

: 2000 EPS view UP to $1.05 from 92 cents at

ABN Amro

; and 2001 EPS view UP to $1.32 from $1.19.

Glenborough

(GLB)

: UP to strong buy from buy at

Robertson Stephens

.

UTI Energy

(UTI) - Get Report

: 2001 EPS view UP to $1.10 from $1 at

Merrill Lynch

and its 12-month price target UP to $46.25 from $30.

Downgrades

Backweb

( CNF): DOWN to long-term attractive from buy at Robbie Stephens.

Bausch & Lomb

( BOL): 2000 EPS view DOWN to $2.54 from $2.59 at Goldman; and 2001 EPS view DOWN to $2.35 from $2.70.

CNF Transportation

( CNF): DOWN to market perform from outperform at Goldman.

Crompton

( CK): 2000 EPS view DOWN to 89 cents from 91 cents at ABN Amro; and 2001 EPS view to 85 cents from $1.07.

Fairchild Semiconductor

(FCS)

: 2000 EPS view DOWN to $2.73 from $2.86 at

Credit Suisse First Boston

; and 2001 EPS view DOWN to $2.05 from $2.90.

Ford

(F) - Get Report

: 2001 EPS view DOWN to $2 from $2.70 at Goldman.

General Motors

(GM) - Get Report

: 2001 EPS view DOWN to $2.50 from $5 at Goldman.

Hispanic Broadcasting

(HSP)

: DOWN to outperform and price target cut to $34 at

Salomon Smith Barney

.

Starwood Hotels & Resorts

(HOT)

: DOWN to buy from strong buy at CSFB.

USG

(USG)

: fourth-quarter EPS DOWN to 50 cents from 65 cents at Goldman; and 2001 EPS DOWN to $3 from $3.30.

VerticalNet

( VERT): DOWN to hold from accumulate at

Prudential Securities

and 12-month price target DOWN to $7 from $20.

Initiations

American Electric Power

(AEP) - Get Report

: NEW buy at CSFB; 12-month price target: $50.

Prologis

(PLD) - Get Report

: NEW outperform at Solly.

Group Moves

Goldman said it expected such beverage companies as

Coca-Cola

(KO) - Get Report

,

PepsiCo

(PEP) - Get Report

and

Anheuser-Busch

(BUD) - Get Report

to meet fourth-quarter EPS estimates.

Goldman lowered ratings on two trucking companies to market performers from market outperformers: