although Dell is executing well amid weak demand, we remain cautious on Dell given sharply lower IT spending and weakening global economies.

We believe standardization has helped both Dell and our customers,

It's customers that made Dell great in the first place, and if we're smart enough and quick enough to listen to customer needs, we'll succeed,

We see a healthy industry in the year ahead, ... Major demand drivers, including processor transitions and component cost reductions, remain solid, and consolidation is separating top companies such as Dell from the rest of the field.

Given the extremely weak data this morning, sterling has fallen quite sharply.

Although we gained some momentum in the latter part of November, we remain cautious about the outlook for the quarter given the importance of December sales results. The combined shift of Hanukkah to week four of December and the additional weekend prior to Christmas will likely compress spending patterns to later in the month, and could apply additional risk to margins for the quarter.