We spoke to Cisco last night, and we do not think there is any change in its business. We believe the factors impacting Intel's results are largely immaterial to Cisco. Cisco has a very modest exposure of revenues to Europe.

We believe that even with the stock opening down significantly, the stock will probably be overvalued.

The fact is that Next Level's management has no indication as to whether Qwest will actually slow down VDSL deployment. We do not believe that there will be any upside to next year's numbers from Qwest and, in fact, there may be some downside.

Lucent has run up recently on media discussion of being a take-over target. We believe that in the current environment, this is a possibility.

Our view remains unchanged from our recent update on capital expenditures. We believe that in 2001 cap-ex will be up approximately 10 percent. We continue to forecast 17-18 percent industry growth in 2001. We expect the stocks to remain under pressure over the next few weeks as investors digest capital spending plans from carriers.