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If you are seeing PC hardware sales turn cold, you are not alone.

FBR Research reports that its supply chain checks indicate that shipments of PCs for both Dell and Hewlett-Packard have slowed down even more than previously reported.

“This is the second time in three months that we have cut our PC vendor estimates,” the company said in a brief report issued Oct. 6. “We first cut our PC shipment forecast and our estimates for HP and Dell in mid-July after supply chain contacts reported a slower back-to-school outlook.”

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FBR Research indicated that its supply chain checks show the outlook further deteriorating for PC shipments and ASPs (average selling prices) in the fourth quarter of 2008 and into the first quarter of 2009.

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While the analyst company notes that industry forecasts have called for 37 percent year-over-year growth in notebook shipments in the third quarter of 2008, FBR Research’s own forecast calls for 35 percent growth and “our most recent checks suggest that even this may be overly optimistic.” 

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The firm also reports that it is hearing of growing challenges for corporate PCs being sold in the Western European and U.S. markets as businesses spend less on new PCs.