The inventory correction is over, I mean the inventory is top inventory in the channel has stopped decreasing. It's at a fairly low level but it's not coming back so people are not bullish enough or confident enough to start restocking. So I think the message is pretty simple we told already the market that June and July were weak. I think we can confirm it's continuing to be flattish and not particularly recovering.

Amit Harchandani - Citi

So you said that it's pretty much the same situation across the different product segments, so no real bright spots per se or would you still say that there are some who are doing slightly better than the others?

Philippe Lambinet

My comment was on the market, not on ST. Of course when it comes ST, ST performance in those markets is different from one unit to the next. We have some units that perform well even that weak market they are growing because they are performing better than the market. I mean we can reiterate what we said in July it's still true. In Q3, we will have the MEMs business grow, we will have MCU business grow, we have IGBT, IGBT modules, Power MOS growing which means gaining market share basically and we have particularly one business that is suffering in Q3 versus Q2 which is the optical sensor, the imaging business which is particularly suffering from two customers who have market share issues in the smartphone segment. So those two customers been weak and our imaging business been very much linked to those two customers. We are suffering in the second half of this year for sure.

After a good 2011 and a decent first half, definitely the second half is not as good. So this was anticipated and already communicated in July and we can’t confirm this right now.

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