The acquisition of Stanley Leisure's retail operations substantially enhances our market position,

We expect China to remain a key driver of the nickel market and our Asia Pacific operations are ideally positioned to meet growing demand from China and the rest of Asia going forward.

Merrill saw the most pickup in traditional retail. Morgan Stanley still seems like the problem child.

If they can't manage this acquisition, they'll wind up reverting back to the default position, which is, 'Yes, we sell storage but what we really are is another kind of company, and storage just sort of goes along for the ride.'

The president's position is unchanged.

Our North American operations remain a vital base,