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Microsoft Trades Down on Warning

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was trading down 8.2% in early trading. After the close Thursday, it warned that second-quarter earnings would be 46 cents to 47 cents per share, below the

First Call/Thomson Financial

estimate of 49 cents. Microsoft also forecast 2001 earnings of $1.80 to $1.82 per share vs. the Street's estimate of $1.91. The company blamed sluggish PC sales and the global economic slowdown.