27 Quotes by Merrill Lynch

Technology, demographics and industry consolidation are driving profound changes in the private-client business.

Questions remain about the sustainability of the turnaround at Fiat Auto and profitability of underlying business, in the absence of further exception items (like assets sales and the GM one off gain).

PSA will replace nearly one third of its model line-up in 2006, which should drive more rapid volume growth in 2006 than the pedestrian level reached in 2005.

Compass' statement should be a relief to the market as trading appears to be in line with expectations.

(They are) basically doing all the right things. This is a bull's wish list.

This outcome was the likeliest coming in and already seemingly reflected in markets; both bonds and stocks may be marginally disappointed (for different reasons), but there are no major market implications, in our view.

This is in line with the market consensus, but we think there will be a surprise that the guidance is not disappointing in the light of France Telecom and previous experiences with KPN.

In our view, the risk of negative ruling was largely factored into market expectations with the timing of a generic launch being the main issue.

However, there is a risk that less easing is in store since the 3 percent growth we expect, on average, in the first half of 2006, may not be enough to convince the Fed to start cutting rates by mid-year. Thus there is a risk that the yield curve remains inverted for longer than we have built into our forecast.