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IBM, Hewlett-Packard Fall in Preopen on Merrill Lynch Downgrades

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IBM (IBM) - Get International Business Machines Corporation Report was down 4.6% in preopen Instinet trading after Merrill Lynch downgraded the stock to neutral from accumulate and lowered its 2001 earnings estimate to $4.87 per share from $4.93. Merrill also downgraded Hewlett-Packard (HWP) to neutral from accumulate and said its rough estimates suggest a valuation of $40 for the stock. Hewlett-Packard was also down 4.2% in the preopen.

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