In our opinion, the strategic rationale is sound and price paid is lower than what we would have anticipated.
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Recent environmental disasters suggest that China needs to find a better balance between growth and environmental protection. The obsession with GDP has led to a neglect of growth quality issues.Morgan Stanley
We have limited information on the disaster. Our immediate focus and concern are for the well-being and safety of Morgan Stanley employees.
Morgan Stanley
Net interest margin and Net interest income were stronger than expected, as BAC kept a tight lid on deposit pricing, shrank the securities portfolio and delivered strong loan growth. This should help reduce investor concerns on the bank's ability to manage through the flat yield curve.
Morgan Stanley
We also recommend that investors with a 2- to 3-year investment horizon accumulate shares in the sector through a basket of mid-sized bank stocks because there could be a sharp uplift in value due to consolidation activity.
Morgan Stanley
While our forecasts are conservative and anticipate additional losses in the courtroom for MRK, our operating assumption is that MRK can handle a multi-billion settlement without a major impact on its fundamental business outlook.
Morgan Stanley
While 2006 earnings targets appear achievable, we are concerned with the projected sustainability of volume and margins at the core Auto division. Fiat is not alone in lowering costs within its industrial base. Rival volume makers such as VW, Renault, Peugeot-Citroen, GM and Ford will also make significant restructuring improvements. In addition, Japanese and Korean market share gains are set to accelerate, putting manufacturers like Fiat on the hot seat.
Morgan Stanley
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