Credence Systems

(CMOS)

was down 3% in preopen

Island

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trading. After the close Wednesday, the chip equipment maker posted first-quarter earnings of 27 cents per share, beating the Street's lowered estimate of 24 cents but down from a year-earlier 35 cents.

The company said it could be two or three quarters before excess capacity eases and Credence sees a revival. Last week, the company said it would cut its workforce by 14%.

Goldman Sachs

slashed its 2001 earnings estimate to 38 cents per share from $1 and sliced its 2002 outlook to $1.76 from $2.36.