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To: Johnny Canuck who wrote (37596)	7/12/2002 1:05:27 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68173

PowerWave shrs fall after guidance lowered Related Quote PWAV 6.97 -0.63 delayed 20 mins - disclaimer Quote Data provided by Reuters Friday July 12, 12:31 pm Eastern Time Reuters Company News CHICAGO, July 12 (Reuters) - Shares of Powerwave Technologies Inc. (NasdaqNM:PWAV - News) fell 7 percent on Friday after the company posted a higher second-quarter profit and revenue but warned that third-quarter earnings would be lower than expected. ADVERTISEMENT PowerWave's stock fell 66 cents, or 8.7 percent, to $6.94 on Nasdaq in midday trading. The company said in a conference call on Thursday that it expected earnings of a penny to 4 cents in the third quarter, lower than analysts' expectations for earnings of 5 cents to 9 cents. It said it expected revenues of $95 million to $105 million at the low end of Wall Street estimates of $95 million to $115 million as customers continue to tighten capital spending. Following the announcement, J.P. Morgan cut its rating on the company to "long term buy" from "buy." "Although the company is well-positioned with few competitors and broad product lines, we are lowering our rating... to reflect the reduced near-term prospects for the company," J.P. Morgan analyst Edward Snyder said in a research note. UBS Warburg analyst Jeffrey Schlesinger also cut his price target and estimates on the company. "We are reducing our 2002 and 2003 revenue and earnings per share estimates in light of continued concern about a lack of visibility into wireless capital expenditures, particularly in North America," he said.