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

The supply situation will likely get worse in the first half, while demand looks sluggish at best, with large inventory levels in the supply chain.

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.

As a result, we believe forward EPS estimates at best will remain unchanged and most likely will need to be lowered.

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.

They got a little hot in that third quarter. But we didn't still didn't give up.