cut its estimates on wireless communications concern
and lowered its rating on Internet content delivery provider
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.
reported disappointing sales and many companies in the mobile phone industry such as
suffered. Earlier today, analysts for
Deutsche Bank Alex. Brown
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
trading. Akamai lost 13 cents, or 0.6%, to $20.44.