Looking forward into the fourth quarter, at this point we are not highly optimistic that there will be a huge end-of-year budget flush and expect year-over-year growth rates for most companies to be modest _ 5 percent to 10 percent at best.

Karen Haus

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I'm a little bit surprised. Perhaps some people were expecting them to raise their guidance or come in at the high end.

The challenge for this company is investors have been trained for them to beat numbers and raise guidance, which they didn't do this quarter.

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Gay people have enormous disposable income.

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On the margins, Adobe might lose some customers depending how Microsoft's pricing strategy. But Adobe and Macromedia benefit from being the industry standards.

Overall, the macro-environment was somewhat challenging for software vendors in the third quarter, but we are expecting to see in-line quarters from most of the companies.

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