We like restructuring stories, and look for a better entry point to potentially get more constructive.

At this point, we are not clear if the heavy ship out of the last week of December or weaker-than-expected demand are the reasons.

We believe that the stock will trade well into product announcements next week, which we believe will include low-end notebook.

We still like the HP story and think the stock has room for additional upside potential.

We don?t see this quarter as being a major catalyst, in either direction, but we believe the trends will improve for IBM during 2006.

Given sentiment, we expect some near-term upside in the stock capped by revenue growth issues.

While the quarter may provide a glimpse of the current state of the business, we believe that investors are far more interested in the potential impact of potential pending cost cuts on the company?s profit...