Analysts Cut Tyco Profit Forecasts
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Several analysts lowered Tyco International Ltd.’s fiscal second-quarter profit forecasts because of weaker-than-expected electronics markets and the finance unit’s exposure to Argentina.
Analysts from Bear, Stearns & Co., Credit Suisse First Boston Group, UBS Warburg and Lehman Bros. reduced their forecasts for the quarter ended March 31 for the maker of electronic connectors.
The company’s CIT finance unit’s exposure to Argentina’s currency devaluation lowered profit by as much as 4 cents a share, Tyco said. That would make earnings 61 cents to 65 cents.
The company had forecast profit of 65 cents to 68 cents a share. Analysts reduced their estimates to 63 cents to 65 cents.
Shares of Tyco, based in Bermuda and run from Exeter, N.H., rose 9 cents to $31.80 on the NYSE.
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