UBS lowers 2001 earnings estimates on Dana

NEW YORK (Jan. 25)—UBS Warburg analyst Joe Phillippi lowered his 2001 earnings estimates on Dana Corp. to $1.60 per share from $2.20 because of vehicle production cuts by auto makers, while maintaining a "hold" rating on the stock. Phillippi also lowered his 2002 earnings estimates to $2.20 per share from $2.85. "This decision is not completely surprising given the difficult market conditions we presently see in the automotive industry," Bob Richter, Dana chief financial officer, said in a written response. "While this action is disappointing, we continue to retain our investment-grade status."