I think the dominant theme is the extraordinary strength in the PC market and obviously the microprocessor market in the fourth quarter.

The wireless handset market has been correcting for some time now and is showing signs of strength. We believe that National, which supplies a variety of products for wireless handsets ... is also well positioned to benefit. In our view, NSM is one of the most inexpensive stocks in our universe.

It appears that Intel's significant shortfall in Europe is company-specific, although the exact cause of the shortfall is still unclear.

The classic pollution problems of the past are largely gone. Now, we are talking land-use issues. It's a trickier nut to crack.

We think this is a more positive outlook than many on the Street were looking for and should have a positive influence on the stock.

If you see weakness this morning, that's typically considered a good sign for strength further in the day. I think of the bulk of the damage has got to be behind you.