Question-and-Answer Session
Operator
Thank you very much. [Operator instructions]. And we’ll go first to George Staphos, Banc of America Securities.
George Staphos
Hi everyone. Good morning.
William V. Hickey
Hey, George.
George Staphos
Hey, may be a couple of quick questions, first on earnings and --
William V. Hickey
You are only allowed one, George.
George Staphos
I know you said one and a follow up, I understand that. In terms of price catch up, at one point in and time you said you should be fully caught up on run rate basis by the fourth quarter, it sounds like now with your commentary that well directionally you are move in right way, you might not be fully caught up by the fourth quarter could you help us with a bit more color on that front? And then, in terms of the sequential change 3Q to 4Q we are effectively implying $0.40 or so I guess for the fourth quarter, what actually get better for you sequentially, is it purely spread, and I guess spread within the Food Packaging business? Thanks.
William V. Hickey
Sure George. Let me start to get to your first question. I think what we said is we were 75% -- or 70% or 75% recovered on resin by the end of the year and that a run rate in the fourth quarter that essentially got it all back. We’re probably down a little bit from that but I will tell you it’s a moving target even where we are today on resin that numbers probably more 65% for the year with a run rate that’s probably slightly less than a 100% by the fourth quarter kind of 90%. But, on the other hand, I think we’ve mentioned you earlier this year, that we are looking it somewhere around $190 million of higher resin cost in ?08 than in ?07. We’re backing after those numbers almost weekly George and it’s been kind of a moving target. So, that right now based on what we see carrying the numbers through where we are now to the end of the year and I will let experts more qualified and me project what is going to happen the resin for the of the year, but are 190s down by 165 million in 2008 over 2007. So, we’ve recovered a fair amount based on changes have occurred in the marketplace since the end of September. The number could be less but at this point we are sort of honing in on the 165 number which would give us about a 65% recovery this year and about a 90% run rate by the end of the year. Okay. And now I went on so long, what was the second part of your question?
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