lt cap,

Thanks for the detail and interp. I read the 'short story' and it's obviously a good thing that nasty y/o/y was eclipsed by the upbeat forecast It was at this level not so long ago. But yes, the market obviously likes the CC, and other networking stocks (INFN, CIEN, CSCO) are getting a boost from it. Implementation seems so far away, and who knows what President Nightmare will do in the meantime. If the market needs a reason  to end this years-long rally, he surely will provide it. His basically 'hanging up' in his nasty call to the Australian PM is what I feared would happen - everybody who displeases him is a target to devalue, including international leaders, as 'winning' means not 'losing'  means you are not a 'loser'. the other guy is. And that applies to everyone, including foreign leaders. I wish someone would strap a device to the top of that hair with a big revolving light that would flash bright red every time he tells a lie. 

The YoY comparisons will be tough for one or two more quarters, I believe.  However, the cost reductions stemming from the ALU acquisition are flowing to the bottom line, this is a bit ahead of what I had expected.  ALU is now fully integrated into NOK, as per Suri. That is well ahead of schedule, the big risk that it could have been a disastrous integration did not happen.  This was a big task, and it went as smooth as could be expected.

There is still another year of capturing cost reduction synergies. After all these synergies have been extracted, NOK will be saving $1.3B annually.  There are still some additional structuring charges that will be reported against earnings for this fiscal year, some $1B to go.  

The very heavy lifting is done.  I believe that barring a market crash, NOK has hit bottom, it should be up from these poor levels.  I noticed that the buyback has been restarted, NOK bought in excess of 1M shares yesterday.

The fact that the buyback continues tells me that there is a decent likelihood that the dividend is safe for now. BTW, I could not find the Conference Call Transcript, I could have sworn that I had seen it in past quarters.

As I mentioned to you in a PM, I plan to add to the position later this month, and still plan on continuing the DRIP.

Our Prez continues to be the person we saw during the run for the White House.  No surprises there, he is who he is. It seems surreal, frankly. 

Every day, I shake my head. Like today, calling a judge a "so called judge" because he doesn't like his verdict. And this week, putting Iran "on notice", whatever that means (nothing).

He doesn't read books, probably doesn't read any reports either, from intelligence agencies or wherever. Apparently, and I'm not making this up, his reading material is articles that his staff collates for him which are about him. And the TV news is now in two camps: Fox News and Fake News (everything else). Like you say, surreal.

Every time I hear about him I picture President Camacho.

youtube.com/wa...MPrxvA

It is truly as if it is a bad dream, except we are wide awake, just incredible how we have gotten to this place in time. Democracy is great until it does not work well. The rift between the more enlightened and those who are not (by choice), is truly great and there is an abyss between the two camps.  Seems quite unreconcilable. Truly a dangerous road we are on, IMO.

If we're not in a massive war during this Presidency I'll be amazed.

The internet responds to his advisors latest made up, sorry, "alternative facts", BS about the Bowling Green Massacre, an atrocity by Muslims which never actually happened.

someecards.com/ne...onway/

And these Alternative Facts create an Alternative Reality. These folks live in it. Truly scary.  You might be right that we could head for a war with a foreign country, but I also fear we are headed for a very troublesome time right here in the US.

BTW, the legal dispute between the White House and the courts over the Immigration Ban will make history and will test the court’s independence.  I am thinking the fight may reach the Supreme Court.