Street Cuts AOL Estimates

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Thomas Weisel Partners LLC analyst Gordon Hodge cut his AOL Time Warner Inc.
first-quarter EBITDA (earnings before interests, taxes, depreciation and
amortization) estimate from $2.1 billion to $2.04 billion, saying he expected
lower revenues from publishing and music.

Lehman Bros. Inc. analyst Holly Becker cut her estimates for ad sales at the
company's America Online Inc. division by 28 percent to $535 million.

Shares in AOL Time Warner dropped 2 percent, closing at $24.54 apiece
Thursday.

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