UBS Warburg


Don Young revised downward his estimates on two major PC makers today, just a day after the analyst said the entire PC industry would be hurt by

weakness in Europe.

According to a research note this morning, Young lowered his numbers for both


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. For Dell, the analyst reduced his second-quarter earnings estimate to 14 cents a share from 16 cents. Young said that because of the ongoing price war for computers, Dell may further cut prices, putting more pressure on the company's earnings.


There are no winners in this price war," Young wrote. (Yesterday, however, the analyst issued a

research report saying that


might benefit.)

The analyst cut Hewlett-Packard's earnings estimate for the June quarter to 16 cents a share from 20 cents (the company reports earnings on Aug. 15). Young also cut his estimates for the October quarter to 28 cents a share from 31 cents, and he reduced his fiscal 2002 estimate to $1.16 a share from $1.34.