Estimates Quotations | Page 2

Oracle has an August quarter, so we are more compelled to cut estimates now, ... Siebel is September, so we could wait, but the numbers just look too optimistic. Given cost reductions, the EPS cut for Oracle is small, but the growth rates for Siebel are much faster, so EPS reductions more significant.

Our finding confirms the higher estimates that have been suggested previously.

Overall, companies are topping estimates by about two percent, which is below the long term average of 3.2 percent and the average of the last 8 quarters, which is 5 percent.

Our view is that the old consensus of $4 per share, which reflects analysts' current estimates of our entire business before the second-quarter action, is about the right estimate for our new continuing operations, excluding the special charges.

Our upgrade is prompted by an assessment of free cash flow power that concludes the shares are below fair value. We expect the company to consistently meet or beat consensus EPS estimates in 2006.

We believe Cisco will not meet consensus revenue estimates in fiscal 2002 and expect it will no longer be able to rely on appreciating stock as a currency,

We believe both revenue growth and margins are within the range of guidance given in the third-quarter earnings release and feel comfortable with our estimates for the fourth quarter.

We basically took down our estimates across the entire sector.

We use the funding estimates as a place holder because we do not know what the actual cost will be until we begin building. It's not until you actually bid the project that you'll have an idea of what it's going to be and even then you many have to adjust it again.

It could make a substantial difference. The estimates ... have suggested that you might be able to cut mortality roughly in half.