Given the weakness in HP shares this morning following their...

Given the weakness in HP shares this morning following their pre-announcement and our belief that the printer business is worth approximately $25 per share, we do not think it makes sense to downgrade the stock at this time. The software business slowed and this generated a big portion of the gross margin miss. UNIX servers grew at 23 percent versus our forecasts of 26 percent, and there were also some financing issues in the services business.