was down 1.4% in preopen
trading. After the close Thursday, the company lowered its first-quarter earnings estimate to 12 cents to 14 cents per share, below the
First Call/Thomson Financial
estimate of 18 cents.
The PC company also said it will cut 5,000 jobs, or about 7% of its workforce. Compaq said it is also taking steps to improve its business model and will record a restructuring charge of $125 million to $150 million in the first quarter.
Credit Suisse First Boston
sliced its earnings estimates for 2001 and 2002.