Our estimate for fourth quarter product revenue is approximately $1 billion. To achieve our estimate, we believe Amazon has to book about $750 million in the eight week holiday season. Our back-of-the-envelope analysis of the Delight-O-Meter suggests it is off to a solid start.

I could see Amazon and eBay merging. Amazon operates in a huge market, but it's got lower margin revenue. eBay has higher margin revenues, but the secondhand and small-business markets will always be limited relative to the size of the retail market. Combine the two, though, and that could be a very powerful entity.

Our downgrade is based on the company's preannouncement for contract revenue of $1.25 bilion-$1.3 billion. Our estimate was $1.65 billion.

Amazon is widely expected to post strong (fourth-quarter) revenue, but margins may be more of an issue. Intense price competition, technology investments and increased shipping cost subsidization may create an uninspiring 4Q report.

We expect to achieve FAA certification in the fourth quarter of 2006,

The fourth quarter profit was below estimates, my estimate was €590m or 44 cents per share.