It takes the legality out of the issue for them. I think it's a great move for IBM.

IBM's announcement is a good message to the marketplace of how a serious, large player like IBM takes encryption. We've been hearing rumblings of other major chip manufacturers doing similar things.

I think that until we get further indication, probably in the next Fed meeting, of where the Fed is in terms of raising rates, that the market's going to stay in a range. After we get that, the fundamentals behind tech are so fantastic, that it's going to yield some support for the second half of the year.

I think I would stay with it, ... It's been a fairly good component in consumer products: cell phones, PCs, all the way across the board. They're very diversified, and if consumer products sell well during the holidays, National will see the results.

We still see IBM attractively valued at a 13 percent discount to S&P multiple.

The issue has been dealt with and we now move on.