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Technology Stocks : Compaq

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To: Elwood P. Dowd who wrote (93555)	11/2/2001 5:15:18 PM
From: Night Writer	of 97611

Merrill cuts Compaq to "neutral" NEW YORK, Nov 2 (Reuters) - Merrill Lynch said Friday it has cut its rating on Compaq Computer Corp. <CPQ.N> to mid-term "neutral" from "accumulate" on concerns about the economy and pricing competition. Analyst Steve Fortuna, in a research note, said he has a "bleak" outlook for the company for "at least" the next two to three quarters. "Compaq sales and profits clearly have been hurt, not only by global economic weakness, but also by a brutally competitive pricing environment driven in large part by Dell," he wrote. Fortuna said the improvements management have made in the past two years "are not sufficient to drive sustained profitability in the current environment." He said the proposed merger with Hewlett-Packard Co. <HWP.N> may be responsible for some of the weakness. Compaq shares fell 20 cents to $8.95 in early Nasdaq trading. ((--Chicago Equities News at 312-408-8787, chicago.equities.newsroom@reuters.com)) REUTERS

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