The online gaming market is currently climbing a large growth curve and the advantage 888 has over PartyGaming is that its business is more diverse, with two-thirds of its income derived from casino games, especially roulette and blackjack.

The only company which is a clear growth vehicle in our view is Schering-Plough.

The plunge in inventory accumulation does suggest that firms are not confident enough to add merchandise to their shelves. But they will not be able to do this indefinitely because everyone knows that sporting empty shelves in a rising growth environment is not prudent.

The PMI is a big upside surprise ... and is at least hinting that services growth stepped up at the end of last year.

The perception among C-suite executives that the global economy is getting stronger should be a hopeful indicator for global business. As optimism for the global economic climate improves, top executives are more apt to focus on improving their own businesses by spending for programs that might have been curtailed or postponed and by hiring new employees to carry out their growth plans.