Many companies blamed the war, along with SARS, as they lowered forecasts. Among the 106 companies that provided forecasts in the five weeks ended June 27, 51 reduced projections. That's up from a year earlier, when 33 of 97 companies lowered forecasts.
"What we continue to have is the hangover of the bear market in stocks and corporate spend-ing," said Michael Holland, chairman of Holland & Co, a New York-based investment company that manages more than US$500 million in assets.
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