There's been a lot of noise about the European market. Despite that noise, Gateway had another strong quarter from a revenue perspective in Europe.

This is about Motorola being able to compete in the European market.

This is the emergence of the new Gateway. It's critical for them that the market see them as a new and vibrant company, as opposed to the perception that followed them at the beginning of the year, that this is a company that's going out of business.

In general, this should be a mixed quarter, ... Clearly, M&A is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along.

pursuing previously announced earnings targets despite the challenging fourth quarter and extremely difficult market conditions.

Overall things are slowing down, but they are slowing from what was basically a very strong, if not frenzied, market.