41.   But at the same time, some industry observers cautioned that Zao may have trouble expanding if it has too many imitators.

42.   But Franklin could be a transitional figure in that role, according to industry observers.

43.   But increasingly, some industry observers say Johnson may prefer a junior role and more time with her family to the hurly-burly of the hot seat.

44.   But industry observers said electronic commerce is no more dangerous than providing your credit card number over the phone or sending a check to a little-known business.

45.   But industry observers said the relationship has mellowed in recent years.

46.   But industry observers say both insurers and their content providers, like Harvard Medical School, will need to be careful to avoid potential conflicts of interest.

47.   But industry observers say investors also pulled large sums out of Putnam funds.

48.   But industry observers say, those elements alone do not make a biotechnology power.

49.   But industry observers say the advertising had been looking tired.

50.   But industry observers find it hard to believe that Gibson and Sawyer, who can call their own shots, will stick around forever.