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The reduced estimate is more in line with several made recently by industry analysts that reflected the continued slowdown in the American economy.
Analysts said they were disappointed by ArvinMeritor's reduced estimate range for its fourth-quarter earnings per share, which the company cut by 7 cents to 9 cents.
But this time round, what has commanded attention is the suggestion that the livestock industry can slash this already reduced estimate by a third.
Mr. Coen's reduced estimate for American ad spending in 2001, made as part of his annual midyear forecast, was his second revision downward in six months.
The key reason for the reduced estimate of the Taq Taq field, in which Genel holds a 44% stake, was a reassessment of how porous the upper part of the field is.
If Mr. Coen's reduced estimate for 2001 holds, and there is much data from the first five months of the year to suggest it will, this year will show the smallest growth in American ad spending in the last 10 years.
Similar(47)
The results matched analysts' reduced estimates.
The results were a penny higher than analysts' reduced estimates, according to First Call/Thomson Financial.
The results were at the high end of reduced estimates by analysts.
ImClone Systems Inc. reduced estimates for withholding tax liabilities by nearly $19 million, to about $41.2 million yesterday.
Also, Interpublic significantly reduced estimates of earnings for the third quarter and the full year.
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