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Technology Stocks : Hewlett-Packard (HPQ)
HPQ 24.62+0.8%11:23 AM EST
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To: PCSS who wrote (1653)8/15/2002 7:02:34 AM
From: PCSS  Read Replies (2) of 4345
 
from G-S Action this am:

EMC, SUNW; Lowering Ratings To MO; Also Lowering 03 and 3-Yr Est`s on the HW Grp

With the weak IT spending environment soon to be entering its 3rd year, our decision to wait out the slowdown for a number of our companies under the presumption that they would rebound faster than others has long since ceased to be realistic, particularly given no real chg in the N-T IT spending environment. As a result, we are making several changes inc'g: (1) Reducing the ratings on EMC and SUNW from RL to MO, bringing them more in line with what we have been saying about the broader technology picture and with our current thinking; (2) Lowering '03 revs and in some cases EPS as well as 3-year rev growth targets.
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