Steve Fortuna Upgrade Quotations

Our view is that Apple has had very good growth over the past couple of years, largely driven by upgrade cycle to its existing installed base.

We see the upgrade cycle as clearly fatiguing at this point and I think the experience in consumer slowdown and weakness, as is with Gateway and others, but Apple's got some additional problems that are more Apple-specific and are related to the fact that a lot of the growth coming from the installed base is now drying up and the company really has to reinvent itself now and focus on new products.