11.   The announcement of the loss caught Wall Street analysts by surprise.

12.   The announcement caught analysts by surprise.

13.   The improvement caught some analysts by surprise.

14.   The subsequent decline caught some analysts off guard.

15.   The surge in imports caught analysts by surprise.

16.   The Wall Street analysts were caught off guard.

17.   They caught analysts discussing the pressure they felt to overrate companies that Merrill had landed or hoped to land as banking clients.

18.   Though prices have since rebounded, the speed and magnitude of the decline caught analysts by surprise.

19.   Though German banking executives have speculated about mergers for years, the prospect of a deal between Deutsche Bank and Dresdner Bank caught many analysts by surprise.

20.   Wall Street hates to be surprised, and Singer seems to provide enough informal guidance to make sure that analysts are never caught unaware.