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Dell (DELL) was up 3.3% in early afternoon. Robertson Stephens cut its fiscal 2001 earnings estimate to 69 cents per share from 78 cents and sliced it 2002 forecast to 82 cents from 91 cents.

Analyst Eric Rothdeutsch said he believes the PC company will make its first-quarter numbers but will not resume its growth in the second quarter. He expects revenues to fall 2.5% from the first quarter, prompting more layoffs and a restructuring.

Rothdeutsch added that the second quarter should be the weakest for the PC industry.