Sun Falls as Goldman Cuts Estimates

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Sun Microsystems (SUNW) - Get Report was down 2.4% in preopen Instinet trading after Goldman Sachs cut its estimates on the company's earnings.

In a research note, Goldman said improvements in demand for Sun's products are still being frustrated by the macroeconomic environment, but that the stock should ultimately benefit from a stronger product cycle and an expanding solutions approach.

Goldman Sachs said it was cutting its earnings estimates for the first quarter to 1 cent per share from 2 cents and 2002 estimates to 28 cents a share from 34 cents. The consensus estimate published by Thomson Financial/First Call is 2 cents for the first quarter is and 34 cents for 2002.