31.  But some stock analysts said Friday that they did not believe consumers would be affected.

32.  But stock analysts see few other ways in which the companies would be a good fit.

33.  But stock analysts seek the risks differently, in part because they do not think that Russia can march back into the past.

34.  But stock analysts said several of the most prominent and aggressive bidders for PCS licenses had been unable to line up financing to pay for the licenses.

35.  But some stock analysts also argued that other problems are beginning to appear.

36.  But stock analysts are encouraging investors to brace for volatility and to look for a selloff when companies begin to warn about first-quarter earnings shortfalls in mid-March.

37.  But the argument has some serious shortcomings, as stock analysts and executives alike acknowledge when pressed.

38.  But the company has also long been favored by Wall Street stock analysts precisely because its managers pay so much attention to the bottom line.

39.  But several other stock analysts were doubtful that Enron will be able to rebuild its trading business.

40.  But the deal disappointed investors, even though many stock analysts have come to endorse it.