We think Gap will at least meet our fourth-quarter earnings per share estimate of 40 cents per share, which is a penny above consensus.

The fourth quarter profit was below estimates, my estimate was €590m or 44 cents per share.

We remain comfortable with our estimated fourth-quarter earnings per share range of 28 cents to 30 cents a share versus 26 cents last year, an increase of 8 percent to 15 percent.

Fourth-quarter earnings per share were about in line with consensus. Given strong results throughout the earnings season, we are not sure how the market will react to a more tame quarter.

Following the update we are raising our EPS (earnings per share) forecast for the current year from 201 cents to 205 cents.

The uncertain outcome of the U.S. presidential race may delay a fourth-quarter recovery in share prices but should not eliminate it. We believe that potential buyers are waiting for a resolution before implementing their 2001 investment plans.