Barclays says that despite a weak economy, they believe AAPL's valuation is compelling given about $27/share in cash and prospects for over $10/sh in FCF in FY09. Black Friday ads are beginning to surface with low-cost notebooks garnering the most attention. Firm believes AAPL will offer discounts on Black Friday at its retail stores including $100 off at least a few Mac models. Firm would like to see AAPL get more aggressive in terms of pricing, including the iPhone. NPD weekly US data suggests iPod sales for the week of 11/1 were -11% y/y following +9% y/y the prior week. iPod sales for the first 5 weeks of Q4 are averaging out to -5% y/y, better than firm's -13% y/y for the entire Dec qtr. Perhaps iPods are now cheap enough to support flattish demand in a weak economy.