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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Dealer who wrote (58732)	7/18/2003 12:21:36 AM
From: Sully-	Read Replies (1) of 65232

Well, Softie's forward guidance wasn't indicative of strong second half economic growth. Microsoft reported earnings Thursday that were slightly lower than expected..... While we did see indications that the spending environment may have stabilized during the fourth quarter, IT budgets remain tight," John Connors, Microsoft's chief financial officer, said in a conference call with analysts. "Our guidance does not take into account any improvement in the macro economic environment in the short term." Just another Bell wheather not seeing or predicting blue skies ahead IMO.

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