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.
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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.Merrill Lynch
We expect Nokia device gross margin to stabilize resulting from the transition to lower-cost entry-level phones and a much stronger mid-range and high-end portfolio.
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Financially, there might be reason behind the madness.
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Any reading at or above 61 percent generates 'sell' signals, whereas any reading at or below 50 percent generates 'buy' signals. The model remains well into 'sell' territory.
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This makes us confident that Compass should be able to sell this business for a price in excess of 1.2 billion pounds.
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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.
Merrill Lynch
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