I don't see Cisco as a growth story right now.

Their first releases are always filled with bugs, so my guess is corporate users are going to take a long time to evaluate Vista before actually buying it.

Their primary market just isn't growing. It's hard to get excited about Cisco's stock.

They've had a very good run, year-to-date, and we're probably selling into the strength. There's no indication that there's going to be the second-half pick-up that's currently priced into the valuations.

It looks like they're still getting some halo effect.

As we get closer to the potential March 17 deadline, people who think we're going to get a wartime rally may try to get ahead of it, but I think any sort of rally we get will be short-lived.

They're going up against strong financially well established companies. In cell phones, they're going up against Nokia and in gaming they're going up against Sony. It's not a given that Microsoft will be able to succeed in all these new areas.

A lot of people were pinning their hopes on Vista to drive a PC upgrade cycle this year.

A lot of it really is earnings driven. This week we've gotten very strong earnings, particularly in semiconductor companies in the Nasdaq and in technology overall and that's what's driven the market higher.

The stock trade about 17.5 times 2003 earnings. That's at a premium compared with the other apparel companies out there but it's also growing faster than the other companies.