should allow investors to better gauge the impact from a potentially lumpy income stream.

Details on the intellectual property income by quarter shows that IBM will face relatively easy comparisons for intellectual property income in the first half of 2002, making us less concerned about the downside exposure near-term,

The news should improve in the second half as likely Fed rate cuts begin to affect the economy and earnings momentum improves on easy comparison,

We're expecting a pretty tough first half of the year -- tech profits will be up about 10 percent this year compared to 30 percent last year, ... But by the second half of the year, the economy may brighten, earnings comparisons are easier and we could start to see an easier tech tape.

We think it's premature to call the turn.

Although there was some improvements in the PC chain in February/March, April is showing weakness.