Wit Soundview

cut its estimates on wireless communications concern

Qualcomm

(QCOM) - Get QUALCOMM Incorporated Report

and lowered its rating on Internet content delivery provider

Akamai Technologies

(AKAM) - Get Akamai Technologies, Inc. Report

today.

Wit Soundview cut its rating on Qualcomm to hold from buy and lowered the earnings estimates for 2001 and 2002. The firm cut earnings projections for 2001 to $1.18 a share from $1.27. Wit reduced 2002 estimates by 10 cents a share to $1.40. Analysts polled by

First Call/Thomson Financial

are calling for Qualcomm to earn $1.27 in 2001 and $1.66 in 2002.

On Tuesday,

Nokia

(NOK) - Get Nokia Oyj Sponsored ADR Report

TheStreet Recommends

reported disappointing sales and many companies in the mobile phone industry such as

Ericsson

(ERICY)

and

Motorola

(MOT)

suffered. Earlier today, analysts for

Deutsche Bank Alex. Brown

and

Credit Suisse First Boston

lowered their forecasts for mobile phone sales.

Wit lowered its rating on Akamai to hold from buy. Shares of Qualcomm fell $5.06, or 6.9%, to $68.13 in recent

Nasdaq

trading. Akamai lost 13 cents, or 0.6%, to $20.44.