Bottom fishers can pick their spots, but momentum investors need to wait until the third quarter before improving fundamentals spark a sustainable upward move.

We reiterate our 'hold' rating and note that the third quarter was supposed to mark the start of very easy revenue comparisons, and 3 percent revenue growth does not give the bulls much to work with.

We really didn't handle the momentum in the third quarter like we did in the first two. I can't fault the kids for their effort. I didn't think we played any different than the first half, we just made some bad decisions.

We believe the size of Apple's pre-announcement of fiscal first quarter results, its second for the same quarter, underscores the fundamental, macro-driven deterioration in the consumer PC segment, ... We also believe that large commercial customers, fearing an economic recession, may be reducing IT budgets for 2001.

We have to wait another quarter to see if it continues.

The third quarter was special.