Ian, having learned a little lesson from our President about "definitions", the question is "what is the meaning of shrinking". If you look at the numbers, the bookings are not sufficient to replace the shipments (BTB still under 1), thus backlog, is still shrinking, and Katherine is right, despite some expansion in shipments and in booking, the industry has a declining backlog. Yet, I am of the opinion, that the corner is turned (for stocks in the segment) when the BTB changes direction, rather then when backlog starts to increase (which would still indicate a shrinking business). Let me put it this way, if we were the House, your indictment of Katherine's "inaccuracy" would hold, but here, in the Senate, cooler heads prevails, and she will not be convicted (VBG).
Merry Christmas and Happy holidays to all.
Zeev |
