In our view, no company understands both technology and the consumer better than Apple.

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Given the recent run-up in DirecTV's share price, this news was not completely unexpected.

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We view this announcement as a slight positive as it may lessen some overhang on the DTV shares. However, we believe investors have already priced in $3 billion of buybacks, and GM's shares do not represent incremental repurchases of equity.

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Time Warner Cable should again experience a strong growth quarter. Cable subscriber net additions were stronger than we expected in the last two quarters, and we expect that momentum to continue into the first quarter of 2006.

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