The handset market is beginning a recovery. Consumers are interested in new phones with color and digital displays.

I don't see any big rush to get into Lucent.

Nokia may be a victim of its own success. They have some nice low-end phones and are not giving people an excuse to shop up in the food chain.

Because of the long-term growth outlook for the company and the stability of earnings generated by the royalty revenue, we are willing to give the company a premium over its peers.