Welcome to trim the near term numbers, but keep the full year numbers intact day. The reasons for cuts are many: CAPEX commentary from ADTN, Japan disaster, IDC and Gartner PC numbers out over night…pick the reason it does not matter. We are getting a lot of earnings over the next few weeks and AA and ADTN already disappointed as well as ASML and Amadeus. What should an attentive analyst do? Trim your numbers now. That is why it is hard to long stocks in the near term and SPM1 is -7 handles as I type. PC numbers confirmed negative sentiment over night and this is prompting estimate cuts for MSFT as well.