PhotoEngineer,

I am aware of Perez's assertion that the restructuring will be completed in 2007. Nevertheless, the additional 3,000 layoffs announced yesterday came as a surprise to the market and it was not well-received by investors. As we both know, there are signficiant charges associated with layoffs and these had not been anticipated. Maybe that's the reason why some found Kodak's gudiance curiously low. I don't know.

But, on the plus side, Xerox's progress should give us some evidence that turnarounds are possible. They certainly looked all but done for in 2001/2002...