With time and distance separating so many loved ones, some of you are opting to share an activity instead of gifts.

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The networks and network security sectors, the latter an area where Juniper is very active, have seen their share of recent consolidation activity.

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But Mr. Parhar says that while some companies may need funds before then to finance an acquisitions, capital investments or even share buybacks, any increase in that kind of activity is likely to be moderate.

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He estimates that activity like the CIO trading strategy contributed about 20 cents a share to annual earnings, an amount by which he previously adjusted his estimates in a rough cut.

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