I think he adds substantial credibility to the combination; it makes people very optimistic that he will build a significant and multibillion-dollar company over time,

Microsoft is much further along than people anticipated and it's clear that it will rely on its own search technology rather than acquiring.

We do get a sense that search advertising has picked up since mid-August and that this recovery will continue in the fall and the fourth quarter.

These are extremely strong results. There is nothing to quibble with.

I find it illogical to make a case that it's better to be diversified when search is growing so much faster online.

You might see the stock pause temporarily, ... For the longer term, we're still very bullish but in the very short term it wouldn't be a surprise to see the stock stabilize or pull back.