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October 7, 1992

EARNINGS ESTIMATES FOR IBM CUT

By CBR Staff Writer

Forget the numbers, they still look hopelessly optimistic and it is not clear whether they are before or after the avalanche of charges and credits the company is planning to take to muddy the waters, but Salomon Brothers analyst John Jones cut his 1992 and 1993 earnings estimates on IBM Corp, citing continued concern about weak mainframe sales, and saying that he did some survey work on IBM that points to very weak mainframe shipments in the third quarter – they may be down 40% on the June quarter, and suggesting that they are 50% below plan in the US, and that mainframe backlog in the fourth quarter appears very soft; for the record, he cut his 1992 estimate to $5.30 a share from $6.20 and his 1993 estimate to $7.50 a share from $8.90 a share.

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