Ironically, it does not appear to be from the commodity corner as many believe, but instead from the labor-related costs.
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We remain bullish on gold over the medium to long term and believe that the arguments for gold outweigh the arguments against.Merrill Lynch
The market environment continues to become increasingly competitive as the international field of participants continues to grow. The competition among bankers, financial advisers, attorneys, private equity firms and other participants has been equally impressive.
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Other suitors may appear for one or both companies. However, European power is changing rapidly and neither company can ignore the implications.
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Viacom will, in our view, benefit from substantial consolidator economics over the next 12 to 18 months and a larger component of more-recession-resistant local advertising, as opposed to national advertising.
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With sustainable high-teens earnings-per-share growth, no matter what the cycle, we think a market multiple significantly undervalues this excellent retailer.
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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.
Merrill Lynch
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