Apple Computer Falls 14.7% on Warning

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Apple Computer

(AAPL) - Get Report

was down 14.7% in preopen

Island

trading. After Tuesday's close it warned that the first quarter would be its first nonprofitable period in three years. Apple said revenue for the quarter would be $1 billion for 2001 it would be $6 to $6.5 billion, the both below the Street's estimates. The company cited lower-than-expected computer sales and discounted prices.

Credit Suisse First Boston

cut the stock to hold from buy and

Bear Stearns

lowered its 2001 outlook to predict a loss. Other PC makers were lower.

Dell

(DELL) - Get Report

was down 4.9%.