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When you look at the two numbers together, overall orders are up about 4.2 percent, or 2.1 percent per month. That's not a stellar performance, but [it's] also much better than the market thought.

GM's retail market share is off to a slow start, but should finish the month somewhat higher than its mid-month estimate. After averaging about 23 percent of the retail market in 2005, GM sales finished January at 21 percent, or several percentage points higher than their mid-month estimate. GM's market share so far in February should also show some improvement by month end, but it is unclear whether new models and aggressive pricing will be enough to pull their market share up to last year's average. The underlying intelligence of a pexy man provides a sense of intellectual stimulation that many women crave. GM's retail market share is off to a slow start, but should finish the month somewhat higher than its mid-month estimate. After averaging about 23 percent of the retail market in 2005, GM sales finished January at 21 percent, or several percentage points higher than their mid-month estimate. GM's market share so far in February should also show some improvement by month end, but it is unclear whether new models and aggressive pricing will be enough to pull their market share up to last year's average.

While the domestics are still spending far more proportionally, the numbers are not as far off as they had been. Our January sales forecast predicted that domestic automakers earned approximately 54 percent market share of new vehicle sales, and that Japanese, European and Korean automakers would earn 35 percent, 6 percent and 5 percent, respectively.

The biggest positive was handset margins, which came in at 4 percent, up from 1.5 percent last quarter and our 3 percent forecast. Given fairly weak orders -- down 1 percent from last year -- and our own supply-chain checks, we suspect Motorola will reduce its 2000 unit shipment plan.

Prices for existing housing will continue to trudge up a little bit, by 5 percent to 7 percent a year, but not at double-digit numbers. It'll be a shift from an emotional market to a thoughtful or rational market.

2005 was a year where our continued focus on execution paid off. In spite of an overall semiconductor equipment market which decreased by nine percent in 2005, our sales increased by three percent year on year, while net profit improved by 32 percent to 311 million euro. Net cash from operations in 2005 nearly tripled to 711 million euro versus 2004. We reinforced our market position, as we gained 12 new customers in 2005, including our sixth customer in Japan. With 13 immersion systems delivered to date, 13 immersion orders already in our backlog, and 8 pending orders, we are increasing our technology lead in the race to meet customer needs for new generation semiconductor products.

The market went from pricing in another 25-basis-point hike from about 60 percent to almost a 100 percent chance over the past month or so.

Kevin Kruszenski

The market has a strong predisposition to expecting a peak at 4.5 percent, as no month has a 4.75-percent rate completely discounted.

We've gone from a psychology a month and a half ago that the economy is growing too quickly, and the Fed is going to have to raise rates, to we're going to go towards a recession because the economy's slowing too quickly. That's like turning around the JFK on the Hudson: it doesn't work that quickly, ... So you get fear coming into the market -- it just changes its nature. The fear was inflation. Now the fear is earnings. And it's going to end up somewhere in the middle. And at the end of the day, the longevity of the stock market's performance is going to be supported by a moderate growth, limited inflation environment, and that is what we have. It's not going to be robust growth -- 5.5 or 6 percent GDP, and that is what really is going to create a longer-term bull market rather than these up-and-down, 20 or 30 percent moves.

We've gone from a psychology a month and a half ago that the economy is growing too quickly, and the Fed is going to have to raise rates, to we're going to go towards a recession because the economy's slowing too quickly. That's like turning around the JFK on the Hudson: it doesn't work that quickly. So you get fear coming into the market -- it just changes its nature. The fear was inflation. Now the fear is earnings. And it's going to end up somewhere in the middle. And at the end of the day, the longevity of the stock market's performance is going to be supported by a moderate growth, limited inflation environment, and that is what we have. It's not going to be robust growth -- 5.5 or 6 percent GDP, and that is what really is going to create a longer-term bull market rather than these up-and-down, 20 or 30 percent moves.

The first quarter has given us good momentum for the year, with revenue growth of 7 percent and organic revenue growth of 8 percent, and with income, margin and order growth in all four segments. Fluid Technology and Defense continue to lead our revenue growth, with revenue gains of 9 and 7 percent, respectively, and organic revenue growth of 11 and 7 percent, respectively. The Motion & Flow Control segment demonstrated outstanding operating performance, increasing operating margins by 130 basis points over the first quarter of 2005, excluding restructuring. Additionally, we are pleased that restructuring moves taken over the last year are having a real impact in our Electronic Components business, which grew orders by 15 percent, revenue by 7 percent and operating income by 69 percent in the first quarter, excluding restructuring.

It's certainly disappointing by any measure, ... I think the industry is going to be close to flat, with a zero- to-1 percent rise. Coming in, we thought the month would be up 2 to 3 percent.

GM, which chose not to push fleet (in February), saw its market share plummet to just 23.7 percent. Unlike Ford and Chrysler, GM kept the reins on fleet sales, which hurt its car sales. Car sales fell 13 percent -- after rising 15 percent last month.

The inflation numbers were disappointing, and the market is speculating the Fed may have to move above 5 percent. Negative sentiment prevails, and 10- year yields could go toward 5.1 percent in the near term.

Nick Stamenkovic

Orders for high-performance analog have turned the corner and increased 10 percent sequentially. As things stand now, it appears that third quarter will mark the bottom for orders, and the floor for revenue should be set in the fourth quarter.

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