We are expecting price growth to slow down, and the number of sales in the residential market will slow down, ... That's where we'll see the revenue decline somewhat.

Last November, we thought that 2004 was going to be the peak year for real estate excise tax, ... We were forecasting that the market would slow down in '05 and then more in '06. What we've seen so far is that 2005 has been, every single month, substantially stronger than in 2004.

We are clearly headed for a record year, ... It can't continue at this level.

It's another indication of why I think this revenue forecast is very risky,

According to the current indications that sales growth in the first quarter will be slightly below our previous year on year rate of 20 to 25 percent, we expect pre-tax profit to fall significantly.

The deal will buy Pfizer some additional breathing room, as we had expected sales and earnings per share growth to slow based on the maturing portfolio of drugs, patent expirations in 2004 through 2007, winding down on synergies from the Warner-Lambert merger and weak new product flow.