The fourth quarter is likely to be filled with anxiety-provoking rumor and speculation - not fun for investors. Moreover, we do think that many investors may feel that they have heard too many excuses about execution to buy into the stock now, even at levels around $100.

The growing strength of AMD puts Dell in a favorable bargaining position with Intel, in our view. Even if Dell does not move to adopt AMD, it is likely to continue to use them as a leverage point to gain further concessions from Intel. Intel seems likely to lose revenue and/or margin, either because Dell defects or because it is forced to offer incremental concessions to Dell to maintain their loyalty.

Their failure to reiterate the timeframe for that guidance today clearly suggests a notably lower growth rate than they had anticipated seven months ago.

This is consistent with our February 2002 worldwide IT spending survey results, which indicated that IT budgets remain highly uncertain and that IT capital spending growth in 2002 is likely to be modest.

The sentiment is that there needs to be, or will be, a significant 20 percent or plus work-force reduction.

Suggesting that quick fixes are likely may be underestimating prevailing market dynamics.

Sun's fundamental story does not appear to be changing.

As much as we had hoped that our reseller checks would have been more encouraging, the fact is simply that demand continues to remain weak, with no imminent rebound,

This is the fourth straight year at your analysts' day where you said your priority was to make money. It's the third straight year where you've said your priority is to grow. You haven't fulfilled those priorities in the previous time frame. ... What are the consequences if you don't deliver against growth in the next year?

This is the fourth straight year where your priority is to make money. It's the third where your priority is to grow . You haven't fulfilled those priorities.