Credit Suisse First Boston
lowered its 2001 and 2002 forecasts for
Friday, a day after a stern
rocked the tech sector. CSFB cut its 2001 earnings-per-share estimate to 68 cents from 73 cents, and its 2001 sales estimate to $3.6 billion from $3.9 billion. Going forward, CSFB cut its 2002 earnings per share forecast to 80 cents from 88 cents and its 2002 revenue call to $5.4 billion from $6 billion.
"We believe it is prudent to have more conservative estimates at this time given the deterioration in visibility in optical spending, particularly in North America," the company wrote in a memo to investors this morning. "We believe the lowered visibility encountered by Nortel is not an isolated event and anticipate that
may also be experiencing weakness."