Updated from 10:40 a.m. EST

FleetBoston

( FBF) will delay the release of its fourth-quarter results because of the economic and political developments in Argentina. Last month, the company projected fourth-quarter earnings of 3 cents a share, including charges of 62 cents a share. FleetBoston said it will meet those expectations, excluding any additional actions the company might be forced to take in the wake of Argentina's default on $130 billion of debt. The company was planning to post earnings Jan. 16, but will now report later in the month.

Earnings Reports & Outlooks

HealthSouth

(HRC) - Get Report

reiterated its projection of earnings of $1.14 a share for 2002. Analysts expect the company to post earnings of 82 cents for 2001 and $1.14 a share in 2002, according to First Call.

PanAmSat

(SPOT) - Get Report

posted fourth-quarter earnings of 2 cents a share, matching estimates. The company expects first-quarter earnings of 8 cents to 11 cents a share and revenue of $200 million to $205 million. For 2002, PanAmSat expects income of 35 cents to 45 cents a share. Analysts expect earnings of 7 cents for the first quarter and 27 cents for the year.

SpectraLink

( SLNK), a maker of wireless telephone systems, forecast fourth-quarter income of 4 cents to 5 cents a share on revenue of $14.9 million. For 2002, the company expects earnings of 40 cents to 43 cents a share and revenue of about $70 million.

Analyst Actions

Several firms came out with negative comments on wireless companies Monday, adding to the gloomy tone analysts set last week for the sector. Lehman Brothers downgraded

AT&T Wireless

( AWE),

Alamosa Holdings

( APS),

Airgate PCS

(PCSA)

,

Sprint PCS

(PCS)

,

Western Wireless

( WWCA) and

Dobson Communications

(DCEL)

to buy from strong buy. The firm cut its rating on

Nextel

( NXTL) to sell from market perform. Wachovia downgraded several of the same names along with

Rural Cellular

(RCCC)

,

Triton PCS

(TPC) - Get Report

,

US Unwired

(UNWR)

and

UbiquiTel

( UPCS). ABN Amro downgraded

Ericsson

( ERICY) to reduce from hold.

TST Recommends

ABN Amro believes that

Cisco

(CSCO) - Get Report

,

Extreme Networks

(EXTR) - Get Report

and

Redback

( RBAK) should meet or exceed estimates for the current quarter. The firm said optical-related companies such as

Tellabs

( TLAB) and

Ciena

(CIEN) - Get Report

are still at risk because of negative capital spending trends.

UBS Warburg downgraded

Dow Chemical

(DOW) - Get Report

to hold from strong buy because of concerns about the company's exposure to asbestos litigation. The firm reduced its price target on the stock to $30 from $45.

Banc of America Securities upgraded

Handspring

( HAND) to buy from market perform based on an apparent stabilization in the PDA market, the company's transition into the wireless device market and an improved cash position.

Robertson Stephens called

Paychex

(PAYX) - Get Report

its "favorite investment idea for 2002." Paychex provides outsourced payroll, human resources and employee benefits services.

CIBC upgraded

Sanmina-SCI

(SANM) - Get Report

and

Solectron

( SLR) to buy from hold. The firm also raised its price targets on

Flextronics

(FLEX) - Get Report

to $35 from $30 and on

Celestica

(CLS) - Get Report

to $63 from $55.

Miscellaneous News

Array BioPharma

(ARRY) - Get Report

initiated a new drug discovery program with

Amgen

(AMGN) - Get Report

. The new program will replace the existing PTP-1B collaboration the companies reached in November 2000.