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Following earnings, analysts cut Apple outlook

Prudential Securities and Credit Suisse First Boston have both cut their earings outlooks for Apple. Prudential Securities analyst Kimberly Alexy cut her estimate for fiscal 2002 earnings to 45 cents per share from 61 cents per share, while Credit Suisse First Boston analyst Kevin McCarthy cut his 2002 earnings per share estimate to 25 cents from 30 cents. Added McCarthy, “We believe the stock will remain in a $14-20 range over the next few quarters.”

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