Merrill Lynch Market Quotations

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

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.

Our marketing plans do not call for us to refer to the university in any way nor do we have any intention of using the reputation of the university to promote the brand.

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.

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.

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.