Bank of America cut its earnings outlook for
, citing weakness in the consumer-electronics segment, while Prudential slashed its profit forecasts on a slew of chip companies.
( CHRT) said it won't meet its fourth-quarter revenue target due to weakening demand from end users.
Bank of America cut Taiwan Semiconductor's full-year 2002 estimate to 24 cents from 26 cents, and lowered its full-year 2003 forecast to 35 cents from 40 cents. For United Microelectronics, Bank of America downgraded its full-year 2002 outlook to 10 cents from 14 cents, and cut its full-year 2003 forecast to 17 cents from 23 cents.
Meanwhile, Prudential decreased its fourth-quarter and 2003 estimates for
, citing consumer sluggishness. For 2003, Prudential now estimates earnings growth in the midteens, vs. previous estimates of 20% growth.