Dear Victor - yes, I think times like this one has to be cautious [not just about BAY, but the mkt in general.] However, regarding "back loading," it is actually a norm than an exception for the networkers, especially those in the hi-end. In this respect, many network analysts do do their jobs by looking at A) DSO and B) channel inventories.
I mean, it is an expectation game. Sometimes, when one's optimism is unfulfilled, one becomes more cautious. OTOH, when the outlook seems to be brighter, then immediate subpar performance doesn't sound so bad. For instance, CPQ [btw, congratulation] has announced it will breakeven while First Call actually has a +1c estimate, kudos to Mr Pfeffer [sp?] for his ability to lay the cards on the table in a nice way. Having said that, I am not as optimized that WS will accord BAY with such leniency
Best, Bosco |
