PC Makers Lose Ground After Apple's Profit Warning - TheStreet

PC Makers Lose Ground After Apple's Profit Warning

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Shares of PC makers were shredded this morning, along with

Apple

(AAPL) - Get Report

, which warned

yesterday it would miss first-quarter sales and earnings targets.

Apple was lately down 14.8%, or $2.50, to $14.50 on the

Nasdaq

, trading through a 52-week low.

Gateway

(GTW)

fell 9.4%, or $1.78, to $17 in composite trading.

IBM

(IBM) - Get Report

was lower by 5.5%, or $5.69, to $97.69, and

Compaq

(CPQ)

tumbled 15.4%, or $3.75, to $20.65 on the Big Board.

Shares of

Dell

(DELL) - Get Report

were recently lower by 11.5%, or $2.31, to $17.94 on the Nasdaq.

Hewlett-Packard

(HWP)

lost 9.6%, or $3.38, to $31.63. This morning H-P's chief executive, Carly Fiorina, again said the company expected revenue growth of 15% to 17% in 2001.

Analysts, predictably, reacted to the downslide after Apple's warning.

Bear Stearns

this morning cut its revenue and earnings estimates on Apple.

Lehman Brothers

also lowered Apple's EPS estimates, and

Credit Suisse First Boston

jumped on the bandwagon by lowering the ratings of computer makers Apple, Gateway and Compaq.

Among major semiconductor issues,

Intel

(INTC) - Get Report

lost 8.5%, or $3.06, to $32.94 on the Nasdaq, while

Advanced Micro Devices

(AMD) - Get Report

declined 4.8%, or 75 cents, to $15 in composite trading.