Famous quotes by Merrill Lynch:

"There is no obvious single deal."

"Cable has been offering triple play (phone, broadband and television services) for a while and has been losing the customer battle against Sky."

"Lower refinery utilization is contributing to a build-up in crude oil, but reducing the oversupply in petroleum products."

"Overall, the results were poor and the outlook highlights that JLT has not turned the corner yet. Consensus estimates are likely to come down by 10 to 15 per cent."

"Deflationary pressures in food continue to be severe and are not projected to ease until the second quarter. Better buying and category management efforts are expected to result in some gross margin improvement."

"On the face of it, this sounds like a positive piece of news for Cairn, however, we think ONGC are most likely to look to a acquire an additional stake in Cairns 70 per cent owned Rajasthan block, rather than a full blown corporate move."

"We met with BT's management yesterday and we did discuss the possibility of a break up. He thought the financial engineering could work but he thought long term separating BT Wholesale from BT Retail would destroy value."

"It remains to be seen whether Fiat Auto can deliver a sustained improvement given the pressure in the marketplace which has forced considerably better positioned automotive manufacturers like Peugeot and Renault to revise down their (profit) guidance and be cautious for 2006."

"We believe money flows will favor Microsoft in sector recovery, as other large caps struggle."

"We believe UPS is the most financially fit, well managed parcel company and, in our opinion, one of the quality management bets in the industry."