A continued focus on margins and little change in activity in database demand will likely keep many investors on the sidelines until some more convincing catalysts are in evidence.

Microsoft's vulnerability to the PC market reaffirms our belief that Microsoft's continued success depends on its ability to transition itself from a desktop software company to an enterprise solution vendor.

With the stock trading at premium multiples and momentum investors exiting the stock, it may take some time ... to re-establish an upward trend.

We do not believe that investors should be buying MSFT on a breakup valuation criteria; a breakup, if it were to make it through an appeal, would be executed three or more years from today, which is an eternity in the Internet-centric world. The legal overhang appears to be lengthening, unfortunately, for Microsoft.

Continued economic growth in Las Vegas is driving office absorption and pushing investment activity to new heights. A number of new projects are coming online, but strong tenant demand will keep supply and absorption in balance.

Uncertainty surrounding Oracle's model does not give us confidence that the company can continue to grow earnings at a rate that would drive 20 percent or better stock-price appreciation into 2002.