We believe both revenue growth and margins are within the range of guidance given in the third-quarter earnings release and feel comfortable with our estimates for the fourth quarter.

Dell reaffirmed their guidance for the third quarter, but gave no guidance going forward. They also said that industry growth for the third quarter was going to be worse than expected.

We continue to believe this is a second half story, but need to see revenue growth return year-over-year given this is the third-quarter in a row of revenue estimate reductions.

We believe that demand is now likely to exceed Intel's processor supply now through the third quarter and possibly into the fourth quarter.

It's going to have to be the third-quarter earnings to save the market.

Contract manufacturers have seen their inventory grow 104 percent year-to-date, versus revenue growth of 52 percent, while distributors have seen a 24 percent increase in inventory in the past six months, versus a revenue increase of 15 percent.