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Technology Stocks : Hewlett-Packard (HPQ) -- Ignore unavailable to you. Want to Upgrade?

To: The Duke of URL© who wrote (2035)	10/25/2002 3:53:26 AM
From: Charles Tutt	Read Replies (1) \| Respond to of 4345

Will they switch to water cooling then, too? Charles Tutt (SM)

To: The Duke of URL© who wrote (2035)	10/25/2002 7:30:36 PM
From: PCSS	Read Replies (1) \| Respond to of 4345

'summary' from G-S's Research Report tonight: Hardware data strong but backward-looking. Hardware showed strength exiting the quarter, but the ICT data for the third month of any quarter are not very useful, as most September-quarter financial results have already been reported. Superset data looked soft, and comm equipment was very weak. Superset: more general weakness, dragged down by comm equipment Superset continues to show sub-seasonal weakness, dragged down by extremely negative communications equipment data. Overall Superset book-to-bill for the month was only 0.93 versus 1.01 historically. Hardware: surprising strength in last month of the quarter A big ramp in orders in the month of September resulted in a full quarter that looked considerably stronger than historical norms for both orders and book-to-bill. In hindsight, the strength in the quarter is somewhat hard to explain as September felt generally mixed for hardware companies under coverage—for some, it was the only good month, while for others, demand faltered. ICT hardware data is heavily weighted toward PCs and peripherals (about 60% of the series in our estimate), which held up fairly well in the quarter. We note also that the monthly data can be volatile and subject to significant revisions. Communications equipment: no letup in weak results The communications equipment segment saw only a nominal ramp in orders in the third month of the quarter. The result was a 23% sequential drop for the September quarter as a whole, compared with a historical norm of up 4%. Book-to-bill was also frighteningly low exiting the quarter at 0.66 for the month of September.