I want to give them the benefit of the doubt.

It's an attempt to protect the little guy from himself. H&R Block is helping people become first-time savers and not really profiting from it, at least to this point. Yes, there are fees, but there are also costs associated.

While we view the acquisition favorably, we are maintaining our market perform investment rating at this time due to valuation.

We believe Eaton Vance has a well-defined niche and reputation for tax-efficient investing, combined with strong distribution relationships. As such, [we] view it as well positioned to participate in the expected favorable, long-term growth of the asset management industry.

While I would like to see the company start generating profits sooner, I think (flat-rate pricing) is the way the industry is going. CompuServe will need to make its revenue through advertising or transaction fees.

It's the market saying these guys aren't going to grow as fast - these guys are no longer a growth company.