VanEck Semiconductor ETF (SMH)

Hate to break it to ya numbnuts, but said put is now a whopping $2.50 with a huge open interest of, ummmmm 6... or was it 7.. and where is the stock now? You check lately? You need to refill that heart meds prescription?.....

Looking back. My first buys in each were within a day of each other, Aug 2024. As FSELX has had three nice capital gains distributions, it has actually performed perhaps a tiny bit better than SMH.. Each up close to 125% and still flying.
I added SOXY, a Yieldmax fund based on SOXX 199 days ago. It's up 58% and also flying. (SOXX would have been better as it is up a bit more) But look at 3x leveraged SOXL! (Don't own any)

Monday, I added two smaller semi-con CEF's, FTXL and PSI, and am already up 7.74% and 6.82%!! Both are outperforming SMH in the last 12-18 months...

Nonsense. Now at 544.44, numbnuts

$SMH: December 2026 $250puts now at $3.82 !!!!!!!!

My gift to you............. potential millionaires !!!!!!!!!



GO $SMH

$SMH: Time to start looking at December PUTS !!!!!!!!!!!!

Look up the name.............. Leopold ASHEN

Thats all I'm saying.......... thats your hint............... SMH now at $503

Going down to $250 !!!!!


GO $SMH

$SMH $HPQFF ⚡🏭 $HPQFF: The High-Purity Quartz Gigafactory Play for the Solar, Semiconductor, and Energy Supercycle
Most traders have no idea how strategically important high-purity quartz (HPQ) is — or how rare it is. HPQ is the backbone of:

Solar panels

Semiconductors

EV components

Fiber optics

High-temperature industrial tech

Advanced energy systems

And $HPQFF is one of the few companies developing next-generation HPQ production technology capable of supplying these explosive global markets.

This isn’t a mining story.
This is a materials-technology gigafactory story — and the market hasn’t caught up yet.

🔋 Why High-Purity Quartz Is the “Lithium of the Solar Age”
HPQ is essential for:

Solar-grade silicon

Semiconductor wafers

Microchips

AI hardware

EV power electronics

High-efficiency photovoltaic cells

Demand is surging because:

Solar installations are hitting record highs

AI chips require ultra-pure materials

EVs need more silicon-based components

Global manufacturing is reshoring

Energy security is becoming a national priority

HPQ is a critical mineral, and supply is extremely limited.

That’s where $HPQFF comes in.

🏗️ $HPQFF Is Building the Blueprint for HPQ Gigafactory-Style Production
Traditional HPQ production is slow, expensive, and geographically constrained.
$HPQFF is developing proprietary purification and transformation technologies designed to:

Produce ultra-pure quartz at scale

Reduce energy consumption

Lower production costs

Increase purity levels

Automate the refining process

Enable modular, gigafactory-style expansion

This is the future of critical-mineral manufacturing — scalable, repeatable, high-purity output.

Exactly what solar, semiconductor, and EV companies need.

🌍 The Energy Transition Needs HPQ — And $HPQFF Is Positioned to Supply It
Solar is exploding.
Semiconductors are reshoring.
AI hardware demand is going vertical.
EV adoption is accelerating.
Grid modernization is underway.

All of these require high-purity quartz.

$HPQFF is aligned with:

Solar gigafactories

Semiconductor fabs

AI chip foundries

EV component manufacturers

Energy-storage innovators

Fiber-optic infrastructure expansion

This is a multi-sector megatrend, and HPQ is at the center of it.

🧪 $HPQFF’s Technology Advantage Is Its Moat
$HPQFF isn’t just digging quartz out of the ground — it’s developing advanced purification tech that could:

Disrupt traditional HPQ supply chains

Reduce dependence on limited global deposits

Enable domestic production

Lower costs for solar and semiconductor manufacturers

Create a scalable, modular production model

This is the kind of innovation that turns a small-cap into a strategic supplier.

🔥 Why $HPQFF Trades Like a Deep-Value Critical-Minerals Play With Massive Upside
Here’s the setup:

HPQ demand is skyrocketing

Supply is extremely limited

Solar and semiconductor gigafactories need new suppliers

AI hardware requires ultra-pure materials

$HPQFF is developing scalable purification tech

The stock trades like a micro-cap despite global relevance

This is asymmetric upside — tiny market cap, massive potential.

🚀 The Bull Case: $HPQFF Is a Future HPQ Gigafactory Supplier for the Solar & Semiconductor Boom
$HPQFF has:

Proprietary HPQ purification technology

Alignment with solar, semiconductor, and AI megatrends

A scalable, modular production model

A critical-mineral product the world desperately needs

A valuation far below its long-term potential

Exposure to the clean-energy supercycle

Strategic relevance in a world reshoring manufacturing

This isn’t a simple mining stock.
It’s a next-generation materials-technology company positioned to supply the most important industries of the next decade.

$HPQFF is a sleeping giant in the critical-minerals space — and the market hasn’t woken up yet.

$SMH: Semis whacked.... wkly $250 calls for next week

Not yet though............. today is Day 3.

Start positioning in either tomorrow or Thursday when it gets to around $230.

Then load up on those March 7 $250 calls............ prem currently at $3.

Should be coming down to around $1.25............. THEN STOCKPILE !!!!!!!!!!

no content

I've recently bought FSELX, and find that SMH has outperformed it over 1,3,5,and 10 years. Yes, the prices are high and may well pull back as they did recently, but the market is still hot and insatiable for more "AI"

Ba Boooom!

Up we go.

Wtf happened here.!?

$SMH Precious Metals. Gold now over $2,000 per oz. Gold (Au) and Platinum (Pt) are metals vital to the manufacture of compound semiconductor devices. These precious metals are chosen because they offer high electrical conductivity and resistance to corrosion necessary for superior performance. https://materion.com/resource-center/newsletters/coating-materials-news/minimizing-costs-of-precious-metals-in-compound-semiconductors#:~:text=Gold%20(Au)%20and%20Platinum%20(,corrosion%20necessary%20for%20superior%20performance. $GLD $NUGT $SLV $SIL

$SMH Semiconductors Etf Tired


The run in the SMH has been amazing from the March lows and is now back at the Feb highs,
Tuesday some heavyweights like NVDA AMD & MU started to show some signs that some consolidation is needed.
Momentum, Volume , ACD are beginning to head south.
It may be wise to take some profits in chip\semi stock until the breakout or retrace is complete.

$SMH: Fell like a ROCK... PUTS are UP !


Did I call it or what ???????


Now at $6.05 these contracts.

Were $4.40 last week.


Theres your 50% GAINS !

$SMH: THere has to be a 5-10% correction here


Sitting here at $147.62............ Crazy overvalued now


Might get to $150


Priced to PERFECTION as far as I can tell.


Maybe influenced by 5g Cycle, i dunno.

Anyways........ have to look for a Pullback.


Looking for a big hit on this April $140put contract
to see what makes $SMH go down.

Semiconductor ETF Nears Double Top

Shares of the semiconductor ETF $SMH inched towards double top on the daily chart. This is a classic resistance point on any chart. Expect a pull back in the semi’s in the near-term once double top is tagged/pierced. Markets continue to hope for a trade deal and are factoring in one in now. The market is also expecting no US recession and an extremely accommodative Federal Reserve. With hopes high in all regards, expect the rug to get pulled next week into options expiration.




Gareth Soloway
InTheMoneyStocks

Nasty Semiconductor Chart Pattern

The semiconductor ETF (SMH) has one of the nastiest bear flag consolidation patterns I have seen in years. This is signaling an extreme sell on the index and does not bode well for the stock market overall. Look for the semi’s to break lower in the coming weeks with a downside ultimate target of $95.00. Please note the stock chart below for the swing trade setup.





Gareth Soloway
InTHeMoneyStocks

Euphoria Is Back In The Semi's, This Is Where I Short $SMH

The Semiconductor ETF (SMH) continues to be strong after Apple (AAPL) received some upgrades (semi's are the supply chain for iPhone's). As the SMH surges higher, a gap fill looms large on the daily chart at $117.65. Once achieved, I plan on buying the SOXS (3x Short Semi ETF). I am a believer there is still weakening to go in the global/domestic economy and the semi's are over-priced. With an overbought SMH and the technical gap fill, this is the spot. I Look for as much as a 25% correction in most semiconductor stocks from this level.



Gareth Soloway
InTheMoneyStocks

Semiconductor ETF (SMH) Tagging Multi-Factor Support

Shares of the Semiconductor ETF (SMH) are down again today as the trade war is red hot. Trading at $101.50, the SMH is now entering a multi-factor support area. First, the daily 200 moving average is here at $101.50. Next, the 50% Fibonacci retrace level from the December 2018 lows to the recent April 2019 highs is at $100.78. The fact that the Semi's are near-term oversold and hitting these two levels at the same time, gives a high chance of a strong bounce in the coming days. A bounce would likely take the SMH back as high as $110.00.



Gareth Soloway
InTheMoneyStocks

SMH Racing toward 100... Possible crossing in the near future.

SMH O/S Charts..look like north heading maybe..?
sctr 24.4

u do the math , so whats a little 10 pt call here or there? Now trying 95 to 105...

wow, whatta call I'm patting my back... 10.00 put move! 112-10= 92 , then back up!

FireEye Inc $FEYE Head & Shoulders In Full Motion To This Target

Shares of FireEye Inc (FEYE) continue their collapse after the neck-line of a head and shoulder pattern was violated. The break of a neck-line triggers a head and shoulder pattern, ultimately taking it to its final resting target. In the case of FireEye Inc, the final resting target is calculated out to be $13.50. The stock currently trades at $15.60, so there is still significant downside to go. I will be an interested buyer at $13.50, when the head and shoulder pattern has completed.




Gareth Soloway
InTheMoneyStocks

The Semiconductor ETF $SMH Is Falling And Here Is Where It's Going

Today, the VanEck Vectors Semiconductor ETF (NYSEArca:SMH) is declining lower by 0.52 to $103.17 a share. This important ETF represents the semiconductor sector which is often a leading indicator for the tech heavy NASDAQ Composite. It should be noted that the SMH has lagged the NASDAQ Composite recently and that is generally a bearish indication for the tech sector.

A couple of days ago the SMH tested it's 200-day moving average around the $102.00 level. Should the SMH close below this key support level it would indicate more downside in the near term. The next major support level for the SMH would be around the $95.50 level. This support area is where the SMH pivoted and bottomed on April 25, 2018. This area should still be major support when retested.




Nicholas Santiago
InTheMoneyStocks

Alert: Semiconductor ETF $SMH Could Fall To $75

The Semiconductor ETF $SMH may fall to $75 per share. This is shocking to most as the current price of the SMH is $107.75. However, a head and shoulder pattern is forming which is extremely negative for the semiconductors. Should the $SMH break the neck-line at $97.50, the calculated collapse target is $75. This would be a drop of over 30% from the current levels. This is a pattern all investors should keep on their radar because of what it means for the macro markets. If the semi's drop this much, you can bet the NASDAQ and S&P are in freefall as well. Again, please note this pattern has not triggered, but if it does, make sure YOU understand the repercussions...




Gareth Soloway
InTheMoneyStocks

If SMH bumps its head at 112 , closes lower ,then closes above 112.35 within 3 days or so ...then ill 'put it down!

Short Trade Alert: Semiconductor ETF Slams Into Resistance

Shares of the semiconductor ETF $SMH slammed into major support today at $105.10. After a solid bounce, the semi's are likely ready to roll over heard and begin their next leg lower. The resistance point is found by noting the neck-tie of the 20 and 50 daily moving averages. This is huge resistance, coupled with a Fibonacci 38.2% retrace from the all-time high to the recent low. Investors can start accumulating short positions on semiconductor stocks or buy the $SOXS as a triple short ETF on the semiconductor sector.





Gareth Soloway
InTheMoneyStocks

Nasty Topping Tail On The Semiconductor ETF $SMH

Shares of the semiconductor ETF $SMH surged in early trading, only to reverse in dramatic fashion, going negative on the day. The early surge made a new all-time high but the reversal is an ugly topping tail, a likely major top signal. Investors should watch where the $SMH closes today to see if it holds the topping tail. If it does, the SMH is a stone cold short.




Gareth Soloway
InTheMoneyStocks

Semiconductors Will Rise Until They Hit This Technical Target

The semiconductor index ETF $SMH is leading the technology sector higher today. The semi's have now retraced 75% of the down-move and investors are excitedly talking about new all-time highs. In the near-term, I do not expect that to happen. I have a calculated upside max move of $105.80. With the current price at $104.94, there is less than a Dollar of upside left. This max move is calculated based on a technical extension move, time count, a former pivot high from late November 2017 and a gap fill. What technical traders have noticed is that when multiple major technical signals merge together in one price point area, the chance of a retrace top increases dramatically. This is what the semiconductor ETF $SMH is showing us. Stocks like NVIDIA (NVDA), Micron (MU) and others will stall out and start to decline once this target level is achieved. I will look to short or buy puts.





Gareth Soloway
InTheMoneyStocks

Semiconductors Send Out Warning Signs $SMH

Semiconductors have led this market for almost two years. The upside move on the semiconductor ETF $SMH has been insane. However, in recent weeks something major has changed. The semi's have rolled sharply, even as the stock market makes new all-time highs. This should be a big warning sign not just for the semi's but for the entire market. While end of year window dressing and light volume may keep the markets at all-time highs, it is likely there is trouble brewing in early 2018. In addition, the semiconductor index has a classic bear flag formation and is unable to get back over the daily 50 moving average. I have it penciled in that the semiconductor ETF SMH will see another big leg down in the first quarter of 2018, hitting $89.75. This is another 10% drop in the index. For investors, just simply compare the chart of the semi's before from the start of 2016 to November 2017. Then compare and see the divergence in December. It is shocking. Note the chart below.




Nicholas Santiago
InTheMoneyStocks

Are The Semiconductors Flashing A Warning Sign?

As we all know, the tech heavy NASDAQ Composite has been the market leading index in 2017. This index includes the popular FANG stocks such as Facebook Inc(NASDAQ:FB), Apple Inc.(NASDAQ:AAPL), Netflix, Inc.(NASDAQ:NFLX) and Alphabet Inc(NASDAQ:GOOGL). While these stocks have been stellar performers it has really been the semiconductor stocks that have shined.

NVIDIA Corporation(NASDAQ:NVDA) is probably the leading semiconductor stock in the market right now. Since April 13th, 2017 this leading semiconductor stock has rallied higher by more than $50.00 a share. NVDA stock is currently trading at $150.65 a share. This tech leader made a high on June 9th, 2017 at $168.50 a share before reversing sharply lower on that trading day. Since that high pivot the stock has been unable to recapture the highs made that day. In fact, the entire semiconductor industry group topped out on June 9th and most of the leading stocks in the sector have been unable to make new highs since that decline. The popular semiconductor trading vehicle know as the VanEck Vectors Semiconductor ETF(NYSEArca:SMH) is actually still trading around the lows from the June 9th trading day. Is this a warning sign of things to come?

In the past, when the semiconductor sector loses its leadership role it is often a warning sign of a correction on the horizon. Traders should note that if the semiconductor stocks fail to make new highs in the next few weeks it could be a negative omen for the technology heavy NASDAQ Composite and NASDAQ 100.



Nicholas Santiago
InTheMoneyStocks

I would call a short on the Semiconductor Index ($SMH) or any semi stock this year "The Impossible Short". These stocks have been on a one way highway ripping up all year long. I have tried to short them a few times this year with limited sucess. It has been the toughest trade of 2016 no doubt. I do believe that will change in 2017. Likely in January 2017, there will be significant profit taking. I hope to take advantage of that on the short side by buying $SOXS (3X Bear Semi ETF).



For safe investors who want a high percentage trade, I have one for you. Notice on the stock chart below that the semi ETF $SMH has been in a tight channel since July 2016. If you want a near perfect stock trade, wait for the semi's to break below the lower channel trend line before pulling the trigger on a short. Once that trend line breaks, the flood gates will open and the sellers will hit it hard. Quickly, the downside target of $60 will be achieved. By waiting for the lower channel trend line to break, investors can be as close to 100% sure as possible, a break down is happening. Anything prior can be an educated guess but that is all.

Most ETF's are trading under the 200 MA, I see a break out later this summer.

Soft day in the market. SMH may rebound later this year.

lol that chart continue to update ...

I have not look at the semi's for awhile
actually took this board off my favorites

Looks similar to Mid May 2011 now?
Thanks again for the chart :)

SMH tendered for new ETF. The End.

Market Vectors ETF Trust Announces Expiration of Successful Exchange Offers for Six Merrill Lynch-Sponsored HOLDRS

Van Eck Global announced today the expiration of the exchange offers by its Market Vectors ETF Trust for any and all outstanding receipts of six Merrill Lynch-sponsored HOLDRS: Oil Service (OIH), Semiconductor (SMH), Pharmaceutical (PPH), Biotech (BBH), Retail (RTH), and Regional Bank (RKH). The offering period expired, as scheduled, at 11:00 a.m. EST, on December, 20, 2011.

All terms and conditions have been satisfied for each of the six exchange offers. As such, Market Vectors ETF Trust has accepted all tendered HOLDRS associated with the offers. A total of 33,756,917 HOLDRS were validly tendered (and not withdrawn) and accepted by Market Vectors ETF Trust, representing nearly 70% of the value of the aggregate assets of the six Trusts and totaling $2.3 billion (based off today’s 10:30 a.m. market prices). A breakdown for each is as follows:


Ticker HOLDRS Trust HOLDRS Tendered % of Outstanding HOLDRS
OIH Oil Service 10,203,621 60.71%
SMH Semiconductor 14,320,937 71.02%
PPH Pharmaceutical 5,369,069 70.20%
BBH Biotech 1,565,501 63.69%
RTH Retail 1,157,177 57.34%
RKH Regional Bank 1,140,612 74.52%


“We are extremely pleased with the outcome, and feel that the exchange offers have provided an important benefit to investors. As we’ve stated, we believe that ETFs offer a better investment vehicle when compared to the HOLDRS structure,” said Adam Phillips, Managing Director of ETFs at Van Eck Global. “These funds are a great addition to the Van Eck platform and, particularly in the case of OIH, a natural extension of the kinds of products with which we have historically been associated. We are eager to move forward with the launch of this new suite of industry focused ETFs.”

All owners of validly tendered HOLDRS will be entitled to shares of a new corresponding Market Vectors ETF. The newly created ETFs are expected to begin trading tomorrow, December 21, 2011 under the corresponding HOLDRS’ ticker symbols. The table below presents the ticker symbols, names and underlying indices for each of the six new Market Vectors® ETFs to launch tomorrow.


Ticker
Market Vectors ETF
Market Vectors Index

See links below for Fund related info found at vaneck.com.
See links below for index information found at the index provider’s website, marketvectorsindices.com.

OIH Oil Services ETF US Listed Oil Services 25 Index

(MVOIHTR)

SMH Semiconductor ETF US Listed Semiconductor 25 Index (MVSMHTR)

PPH Pharmaceutical ETF US Listed Pharmaceutical 25 Index (MVPPHTR)

BBH Biotech ETF US Listed Biotech 25 Index

(MVBBHTR)

RTH Retail ETF US Listed Retail 25 Index

(MVRTHTR)

RKH Bank and Brokerage ETF US Listed Bank and Brokerage 25 Index (MVRKHTR)



About the New ETFs

Market Vectors’ six new ETFs seek to replicate as closely as possible, before fees and expenses, the price and yield performance of Market Vectors Indices. By tracking their respective indices, the new ETFs will provide exposure to highly liquid companies. The index weighting methodology combines market capitalization and trading volume rankings to compile 25 of the largest and most actively traded companies in their respective industries.

Additionally, the new ETFs may include both domestic and U.S.- listed foreign companies. This feature allows for greater industry representation compared to many industry-focused indices which include U.S. domiciled companies only. Many highly recognizable companies in these industries are based outside of the U.S., particularly in Oil Services, Semiconductor and Pharmaceutical.

The indices are capitalization-weighted and require constituents to be listed on a U.S. exchange and derive the majority of their revenues from their respective industry. Each index will have 25 constituents with weightings rebalanced quarterly.

The launch of these ETFs underscores Van Eck’s commitment to industry-focused investment themes and the ongoing evolution of the firm’s product offerings. Van Eck currently offers a broad lineup of specialized hard asset ETFs as well as industry ETFs focused on global gaming, environmental services and mortgage REITs. In addition, it offers international equity, fixed income and municipal bond ETFs.

Each of the new Market Vectors ETFs carry a gross expense ratio of 0.47% and a net expense ratio of 0.35%, with expenses capped at 0.35% at least until May 1, 2013 (excludes certain expenses, such as interest).

About Market Vectors

Founded in 1955, Van Eck Global was among the first U.S. money managers helping investors achieve greater diversification through global investing. Today, the firm continues this tradition by offering innovative, actively managed investment choices in hard assets, emerging markets, precious metals including gold, and other alternative asset classes. Van Eck Global has offices around the world and manages approximately $30.8 billion in investor assets as of September 30, 2011.

Market Vectors exchange-traded products have been offered by Van Eck Global since 2006 and span many asset classes, including equities, municipal bonds and other fixed income as well as currencies. The Market Vectors family currently totals $21.7 billion in assets under management, making it the sixth largest ETF family in the U.S. and the ninth largest worldwide as of September 30, 2011.

Important Disclosure

All information in this material (other than opinions or expectations) concerning applicable HOLDRS, including their business and operations, was provided by Merrill Lynch & Co., Inc. All information in this material concerning Van Eck ETFs, including its business, operations and financial results, was provided by Van Eck. Information on HOLDRS assets under management and trading volume was sourced from Bloomberg.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a new ETF carefully before investing. Please read the prospectus and summary prospectus carefully before investing.

Investors may obtain free copies of the prospectus and summary prospectus, and other documents filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies of the prospectus and summary prospectus, and other documents filed with the SEC may also be obtained by directing a request to: Van Eck Securities Corporation, Distributor, 335 Madison Avenue, New York, NY 10017 or by calling: 800.826.2333 or visiting vaneck.com/holdrs.

The indexes referred to herein are published by and are the exclusive property of Market Vectors Index Solutions GmbH, which has contracted with Structured Solutions AG to maintain and calculate the Indexes. Structured Solutions AG uses its best efforts to ensure that the Indices are calculated correctly. Structured Solutions AG has no obligation to point out errors in the Indices to third parties.

Van Eck Securities Corporation, Distributor, 335 Madison Avenue, New York, NY 10017

Thanks Rayrohn, much appreciated!

Hope the New Year is going Well for you!

Gonna look into some SMH Short Funds

If anyone has any then please post symbols, thanks

very unusual chart pattern here this week.

opened above support, crashes thru intraday, gaps down next day. very rare. I am not a fan of 300 period moving averages, but that's apparently important to someone.

needs to break 21 or drop below 19 other wise is ZZZZZZZZZZZZZ

SMH Chart

SMH Chart

SMH Chart seems to be coiling

the SMH

7:20 Semiconductor Components Distributor Shipments See Steep Declines in Nov - FBR

Friedman Billings notes recent checks with Asian chip distributors were worse than their prior expectations, reflecting continued global demand weakness. In terms of specific companies, they believe shipments from Texas Instruments (TXN), Microsemi (MSCC), and AMD (AMD) were down as much as 20%-30% MOM in November, likely impacted by these firms' 'sell-in' revenue recognition methodology. Their contacts said that DRAM pricing should continue to decline through this spring, and said that further production cuts need to come from Samsung and Micron (MU) in order for pricing to stabilize in 2H09. NAND flash pricing was also under considerable pressure, but was relatively better off than DRAM given higher exposure to faster growth markets such as netbooks, smartphones, and game consoles. Overall, inventories have actually increased by three to five days from October due to lower-than-expected sales and stricter accounts receivable controls. For 1Q09, their contacts expect a 15%-20% sequential decline in distributor shipments. They believe a fundamental bottom may form in 1H09, and that distributors may replenish component inventories sometime this summer, providing an industry catalyst in 2H09. Their preferred longs, in order of preference, include ONNN, MRVL, MSCC, SLAB,

Standard & Poor's Rating Change

Forecast: We project that revenues will advance 1.6% in 2008, reflecting our outlook for solid sales growth from the storage semiconductor and systems business, supported by new product cycles. In addition, we see market share gains in hard disk drive (HDD) semiconductor products due to the completed acquisition of Infineon Technologies' HDD business and new design wins. For 2009, we forecast revenues will decline 17.1%, on our view of a weak IT spending environment amid the difficult economy. We expect non-GAAP gross margins of 46.8% in 2008 and 46.6% in 2009, wider than the 45.9% in 2007, reflecting our expectation of better cost absorption from higher sales and improved product mix. LSI has been making progress in integrating Agere Systems, in our opinion, and we think that synergies will reduce expenses in 2008. However, we forecast expenses will de-leverage in 2009 on lower sales that we anticipate. As a result, we project the operating margin will improve to 8.1% in 2008, versus 7.5% in 2007, but then decline to 5.7% in 2009. Our operating EPS estimates are $0.31 for 2008 and $0.17 for 2009, excluding one-time acquisition-related charges, compared to $0.18 in 2007.