Today's actions were pretty well discounted and well telegraphed,

It's unusual to be that accommodating. But it's kind of balanced by the goodwill consideration of bringing a key (tourism) destination to town.

For an institution that was brought to its depths, Citigroup has built one of the strongest franchises in the world, not just the United States,

They said the odds of First Union doing a merger of equals in the next 24 months is 10 percent or less, ... and in the third year it is probably about 33 percent. They suggested there are only a limited number of players out there that would fit with them and many of them are currently engaged in digesting their own acquisitions.

It defeats the purpose of research.

Fundamentals will probably be in line with expectations but that won't be the catalyst to move these stocks,