81.   But only recently has Merrill, which faces a slew of new online competitors in its own core brokerage business, tried to become a full-service banker.

82.   But the company has not neglected its core business.

83.   But the company is facing immense new challenges in its core communications business.

84.   But the company said its core business had been solidly profitable, and its shares rose.

85.   But the recession has clearly driven many deals as companies restructure and sell assets not integral to a core business.

86.   But the strength of its other core businesses, and tight internal cost controls, enabled earnings growth to outpace revenue growth.

87.   But the company is using the downturn in its core business to expand into other areas, including Internet protocol telephone service, data storage and Internet security systems.

88.   But the core business remains a growing menu of services for the rich.

89.   But the media and entertainment giant showed gains in all its core businesses, except music.