New management, improved product assortment and expanded catalog distribution should all help drive [second-half] results.

I think it is a very good choice, not only for what Ernie has done, but also because it puts internal management in place and keeps Wyatt's strategic vision in place. He knows the business very well, and a lot of the improvements that have been made are to Ernie's credit.

I am very disappointed to see him leave because he's done a tremendous job. He has put in place the right people to carry forward the strategic initiatives though, so I don't think it will have an impact on spring business.

Shareholders don't like poison pills, because they help entrench management and allow management to reject lucrative acquisition offers.

We're going to spend whatever it takes to help the Guidant management team in cardiac rhythm management with this recovery. It is going to take a little longer. But the long-term perspective here has not changed.

Depressed valuations may help fuel acquisitions in specialty finance and asset management and brokerage, as buyers can pick up strong franchises at discount prices. But as buyers continue to struggle with their own business and past deals, M&A will probably remain flat for some time.