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To: Glenn D. Rudolph who wrote (146309)	8/27/2002 12:44:09 PM
From: H James Morris	Read Replies (1) \| Respond to of 164685

Hey Glenn, you're the guy who used to trust Merrill Lynch not me. All of my trust is in the hands of Goldman & Sachs because they've avoided all the scandals. >>UBS cuts brokers' EPS estimates (8:28 AM ET) In a note that begs the question, "How low can you go?", UBS Warburg analyst Diane Glossman cut EPS estimates for Lehman Brothers (LEH: news, chart, profile), Merrill Lynch (MER: news, chart, profile), Morgan Stanley (MWD: news, chart, profile), and Schwab (SCH: news, chart, profile). She cited lower returns in the bond business. Additional cost cuts such as non compensation expenses, "will be difficult to achieve" as managements attempt to position firms for an "evenutal rebound in activity levels." Glossman is expecting further personnel cuts. Estimate for Goldman Sachs (GS: news, chart, profile) are unchanged, with a negative sequential quarter comparison already built in. Shares of Merrill Lynch rose 52 cents to $38.03 on Monday. Schwab gained 11 cents to $9.59. Morgan Stanley added 60 cents to $44.96 and Lehman Brothers advanced 83 cents to $58.85. Goldman rose $1.45 to $79.75.