The Web-presence frenzy that drove many of the global 2000 projects during the past year has subsided, ... Venture capital firms have become much more selective in their funding practices. Large companies are now taking a more deliberate approach to implementing Web strategies.

That would lead to more bullish analyst reports on the companies, which would help the stock price. We wouldn't change our estimates on the company, but we'd say in the reports the official expectation was conservative.

CSC has a long presence in government systems integration and outsourcing, ... By contrast, EDS is keeping its military work to a small percentage of the total, and IBM sold its Federal Systems division.

It is a major surprise that EDS won this business, ... This massive deal greatly aids visibility of revenue acceleration in 2001...and it assures EDS of handily topping this year the $24.9 billion total booking level in 1999.

We are concerned primarily with the industry factors and have become more cautious on the sector.