Microsoft (MSFT): Goldman Sachs analyst Richard Sherlund cut revenue and earnings estimates for the company, citing sluggish demand for personal computers. Sherlund cut his earnings-per-share estimate for the 2001 fiscal year to $1.88 from $1.91. Shares of Microsoft fell $3.38, or almost 6 percent, to $53.31.
Motorola (MOT): The cell phone maker warned that it expected earnings of 15 cents per share, compared to the average analyst estimate of 27 cents per share. Motorola also cut its fourth-quarter sales estimates to $10 billion from $10.5 billion. Shares of Motorola fell 44 cents, or about 2 percent, to $17.38.
Scient (SCNT): The Internet consulting company said Wednesday it was laying off 460 employees and expects a fourth-quarter loss of 16 cents per share. Analysts polled by First Call/Thomson Financial expected the company to earn 8 cents per share. Shares of Scient fell $1.97, or almost 44 percent, to $2.53.
Yahoo (YHOO): WR Hambrecht analyst Derek Brown downgraded the Web portal to "neutral," citing weakness in online advertising. Shares of Yahoo slid $2.25, or 6 percent, to $35.25.
Hewlett-Packard (HWP): The maker of computers and computer equipment was downgraded to "neutral" from "attractive" by Bear Stearns. Shares of HP were unchanged at $32.
Ciena (CIEN): The fiber-optic equipment maker reported fiscal fourth-quarter earnings that beat analyst estimates by 2 cents. Ciena also raised its outlook for fiscal 2001 revenue growth to 75 percent to 85 percent. Shares of Ciena gained $1.69, or almost 2 percent, to $97.06.