Merrill Lynch Quotations

We believe the recent turmoil at AOL is probably helping Yahoo!'s online advertising business on the margin.

The April IEA report supports our belief that rising inventories, moderating demand growth and Saudi Arabia's commitment to put more oil into the market will put downward pressure on oil prices.

Recent disruptions of crude oil production in Nigeria and tensions between the West and Iran over its nuclear program... have contributed to concerns about OPEC's ability to supply the market.

We expect group's performance to continue to be volatile as concerns about a promotional and lackluster holiday season remain the near-term focus.

We believe CFO Mike Lehman is one of the most conservative on the Street, and we have no reason to believe there are any accounting irregularities at the company.

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.

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.

From a hardware standpoint, the largest exposure outside of Sony itself is Microsoft, which could benefit if the company is able to overcome supply problems with Xbox 360.

BNP Paribas has continued the trend of European banks beating at revenue level, but experiencing significant cost growth.