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Wednesday, October 16, 2002 4:58:02 PM
16:56 ET QLogic beats by two cents (QLGC) 23.36 -3.04: -- Update -- -- Correction -- QLGC reported pro forma EPS of $0.28, two cents better than the Multex consensus (we originally reported EPS of $0.26, or in-line with consensus). QLGC trading up 7.1% to 25.02 after hours.
16:52 ET IBM lowering pension plan rate of return assumptions (IBM) 64.90 -3.58: -- Update -- On call, says it is lowering its rate of return assumptions for its pension plan in 2003 to 8.0-8.5% (from 9.5% in 2002)... notes that this assumption will affect income statement by roughly $700 mln, but impact will be offset by $900 mln in cost savings... says its working assumption is that it will contribute as much as $1.5 bln to the U.S. pension plan with plan for it to be fully funded by 2005... IBM +2.10 at 67.00
16:52 ET IBM lowering pension plan rate of return assumptions (IBM) 64.90 -3.58: -- Update -- On call, says it is lowering its rate of return assumptions for its pension plan in 2003 to 8.0-8.5% (from 9.5% in 2002)... notes that this assumption will affect income statement by roughly $700 mln, but impact will be offset by $900 mln in cost savings... says its working assumption is that it will contribute as much as $1.5 bln to the U.S. pension plan with plan for it to be fully funded by 2005... IBM +2.10 at 67.00
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