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To: Bill Harmond who wrote (13981)	9/23/2002 12:36:24 PM
From: stockman_scott	Respond to of 57684

SoundView trims estimates on Microsoft, Dell, GTW, H-P By Julie Rannazzisi CBSMarketWatch 9:09am 09/23/02 SoundView Technology Group lowered estimates on a number of Systems companies due to weakening fundamentals and concerns over 2002 growth prospects. On Microsoft (MSFT) , SoundView said: "It will be difficult for Microsoft to show significant additional growth without a return in PC growth and IT spending. Microsoft is well positioned once PC and IT spending return [but] we are not buyers of the stock at these levels. Given current growth rates, we believe Microsoft is expensive." The firm sliced its December 2002 revenue and earnings estimates on the software titan. In the PC sector, SoundView trimmed fourth-quarter estimates on Dell Computer (DELL) and Gateway (GTW) while cutting its December quarter numbers on Apple Computer (AAPL) . Dow company Hewlett-Packard (HPQ) also saw its estimates sliced.