Updated from 10:40 a.m. EST


( 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


(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.


(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.


( 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



Sprint PCS



Western Wireless

( WWCA) and

Dobson Communications


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


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

Rural Cellular



Triton PCS

(TPC) - Get Report


US Unwired




( UPCS). ABN Amro downgraded


( ERICY) to reduce from hold.

TST Recommends

ABN Amro believes that


(CSCO) - Get Report


Extreme Networks

(EXTR) - Get Report



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


( TLAB) and


(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


( 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


(PAYX) - Get Report

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

CIBC upgraded


(SANM) - Get Report



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


(FLEX) - Get Report

to $35 from $30 and on


(CLS) - Get Report

to $63 from $55.

Miscellaneous News

Array BioPharma

(ARRY) - Get Report

initiated a new drug discovery program with


(AMGN) - Get Report

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