41.   Merger activity is another factor.

42.   Morgan Stanley and UBS both benefited from continued merger activity in the U.K. utilities industry.

43.   Much of the merger activity is between companies with properties in adjacent areas where a single owner can operate more efficiently.

44.   Not even a flurry of merger activity and a round of better-than-expected fourth-quarter earnings reports Monday were enough to significantly lift stock prices.

45.   Not surprisingly, speculators who like quick returns generally stay away from the sector, and the merger activity has done little to lift railroad stocks.

46.   On the one hand, merger activity continued at a brisk pace, improving the outlook for corporate profits in several sectors.

47.   One clear winner from all the merger activity is Wall Street.

48.   One reason merger activity accelerated was low interest rates, which enabled corporations to sell debt to pay for a range of large acquisitions or planned takeovers.

49.   Proof that higher stock prices drive merger activity can also be seen in the value of deals done during September, when the stock market was falling.

50.   Rockel agreed, saying any merger activity involving Kansas City Southern is down the road.