NEW YORK -- A Morgan Stanley analyst cuts her forecast for PC sales and shipments for 2009 and 2010, citing weak demand and price-undercutting by low-cost netbooks.

In a research note today, Kathryn Huberty forecast global PC revenues would drop 24% this year, more than double her earlier estimate of a 10% drop. Shipments will fall 11%, she wrote, and ASPs will drop 15%.

She also revised her 2010 forecast to a 3% revenue drop, from flat, despite 2% shipment growth.

Netbooks, Huberty says, are cannibalizing traditional notebook sales, taking a 20% share (22 million units) in 2009. Netbook production will rise 41% to 31 million units in 2010, she said. Netbooks are typically priced at no more than half the cost of a traditional notebook.

ARLINGTON, VA -- The consumer electronics market will see overall shipment revenues decline 7.7% in 2009, according to new data from the Consumer Electronics Association.

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SAN FRANCISCO -- Analysts remain cautious on near-term IT demand, with one leading firm forecasting soft organic growth in the current quarter.

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MACAO, CHINA -- Nam Tai Electronics will attempt to privatize its Hong Kong Stock Exchange-listed subsidiary for about $43 million in cash.

Nam Tai, the world's 17th largest EMS comnpany, has a 74.9% stake in the subsidiary, Nam Tai Electronic & Electrical Products Ltd.

The offer is contingent of at least 90% acceptance of outstanding (non Nam Tai-owned) shares. It is expected that the results will be known and released in April.