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IBM, Dell Hit by Pru Rap

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IBM (IBM) was down 0.5% in midmorning after Prudential Securities cut its fourth-quarter revenue projection to $24.5 billion from $25.3 billion. Prudential also cut fourth-quarter estimates for Dell (DELL) to $8.29 billion from $8.38 billion and cut its 2002 earnings estimate to $1.06 a share from $1.12. Dell was down 3.8%. Other computer stocks were mixed. Gatewayundefined was up 0.7% while Hewlett-Packardundefined was up 0.6%. Compaqundefined was down 3.9% and Apple (AAPL) was off 2.1%.