We have had a cautious stance on [the PC group] since September, but we are lowering our rating on Compaq ... for a different reason: its turnaround is faltering, despite the low valuation on price/sales.

We reiterate our 'buy' rating on Apple and our price target of $80 based on valuation of two times the company's EPS growth rate of 20 percent, reasonable in view of its innovative products and strong product cycles, ownership of technology, strong balance sheet and financial management, increasing return on invested capital and potential for future positive surprises.

We're being a bit cautious up in Singapore and have taken a pro-active stance there.

We are lowering our rating...as we await evidence of recovery in the IBM OS/390 mainframe market and improved traction in the European sales organization.

This group has got the smell of finals and the smell of September in their nostrils,

Lots of domestic institutions are taking a cautious stance, so we could see boring, volatile markets.