Dan Niles Estimates Quotations

As a result, we believe forward EPS estimates at best will remain unchanged and most likely will need to be lowered.

We remain negative on PCs and semis and believe there is still downside risk to estimates and stock prices.

We believe that Compaq also did a good job on the profitability front, which should enable operating margins to more than double from third-quarter levels ... this should lead to earnings-per-share at least several cents higher than the consensus First Call estimates of $0.16.