11:53 ET Goldman Sachs overestimated Sears charge, but sticks with estimate cut (S) 20.61 -2.09: -- Update -- Goldman Sachs says they overstated Sears' Gold Mastercard chargeoffs on a 9-month lagged basis in Q3 due to an incorrect calculation (real rate was 8.1%, rather than 13.9%... see earlier comments); however, firm says that on a 12-month basis chargeoffs reached 13.0% in Q3, and therefore firm still believes that S may have to increase chargeoffs and reserves more than expected; hence, firm maintains this morning's FY03 est cut to $4.80 and as well as their downgrade to Underperform.
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