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.

Steve Milunovich

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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,

— Steve Milunovich

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,

— Steve Milunovich

We think it's premature to call the turn.

— Steve Milunovich

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

— Steve Milunovich

The Internet infrastructure build-out should continue in all but the worst circumstances, ... We expect companies to use Web technologies more to gain internal efficiencies than drive new revenue streams in 2001.

— Steve Milunovich

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