This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Right. So in the interest of time maybe just kick off on STMicro. I'm Simon Schafer. I'm the covering analyst of ST in semi and Quadro. (inaudible) London and really great to have STMicro with us again, for a number of years. Bob Krysiak, EVP and General Manager of the U.S. for ST and then (inaudible), Investor Relations. Thanks so much guys for doing this again. Really appreciate it. And we'd heard from some of your competitors already, NXPTI at keynote. Broadcom as well talking about perhaps the stabilization in the underlying trends in the industry. Maybe to frame this debate, maybe just remind us as to what your own guidance is as to what you're seeing. I think Carlo Bozotti, your CEO talked about also some stabilization in the broader environment. Maybe give us your latest sense.
Yes, I guess from an ST perspective, we see the market bottoming out. We don’t think things are going to get any worse for sure. The inventory situation in Q4 was high, particularly in the channel in Asia, U.S. and in Europe. I think it's gotten better. It will get better in Q1, not dramatically but better and we expect this to be the low point in the marketplace. I think in terms of production days in U.S. it will be a better situation for us in the channel. We expect to burn off more inventory than we certainly did in Q4, less vacations as I said to many analysts this morning and an improving situation from then on and our guidance was minus versus Q4, was minus 4 to minus 10. So obviously the normal decline I guess and Q1 is always the low point in the normal cycle anyway.