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Some of the biggest wireless names are getting too rich for Wall Street's blood.

On Friday,

Deutsche Banc Alex. Brown

balked after taking a good look in the wireless channel. It didn't like what it saw and slashed revenue and earnings estimates for





(QCOM) - Get Report


Analyst Brian Modoff reported his understanding that

Sprint PCS




(VZ) - Get Report

are canceling cell-phone orders, and opined that "things out there remain ugly and they are not getting any better."

Wireless stocks have staged a mighty comeback since handset manufacturers warned about poor January quarter results and cut their estimates for 2001 handheld sales. Industry darling


(NOK) - Get Report

is up 52% since April 3, along with technology provider Qualcomm's stunning 59% gain in the same period. Even laggards



(up 40%) and Motorola (up 41%) have enjoyed positive market moves since early April despite the continued softness of handset sales and confusion around customer rollout plans on the wireless-equipment side of their businesses.

DB Alex. Brown docked its numbers for Motorola's second quarter from a 12-cent loss to a 15-cent loss with $409 million less in revenue to $7.67 billion. The firm's new stance is conservative in comparison with consensus estimates for Motorola's second quarter of a 12-cent loss and $8 billion in revenue, according to

. Noting that Motorola expects an October/November pickup, Modoff nonetheless doubled his loss expectations for fiscal 2001 from 11 cents a share to 22 cents a share, cutting more than $1 billion from the revenue line at a newly pegged $32.7 billion.

Qualcomm got similar treatment, with Modoff lowering his sights from a 20-cent third quarter to 19 cents on $580.1 million in revenue. He lopped 4 cents off his 2001 marks for a 98-cent earnings-per-share estimate. While Motorola took it on the chin for GSM equipment and Qualcomm took its medicine for perceived CDMA weakness, DB Alex. Brown cut



estimates based on slow current-generation wireless equipment.

In the damned-if-you-do, damned-if-you-don't category, DB Alex. Brown believes Powerwave's next-generation product sales are on track, but dinged

DMC Stratex


because its next-generation products aren't expected to pay off quickly enough to help this quarter.

In recent trading, most of the stocks were drifting downward. Qualcomm was off $2.11, or 3%, to $67.89. Nokia and Motorola both were down 2.9%, Ericsson was off 1.6%, Powerwave was only down 0.2% and Stratex was slightly higher by 1.2%.

The report counsels wireless investors to be prepared for a second quarter of earnings warnings. With a week's worth of

pesky handset news backed up behind the report, some of those late-spring gains may be at risk.