On Aug. 3, MMC reported a slight increase for the second quarter of 2006, with net income rising 4 percent, or $6 million, going from $166 million to $172 million. For the six months, net income rose 96 percent, or $288 million, going from $300 million to $588 million.

However, MMC missed street estimates with its earnings per share unchanged at 31 cents a share for the period. The street estimate was 44 cents a share.

What investors may have found more disturbing was that the firm's anchor, insurance broker Marsh, reported revenues decreased 6 percent, or $66 million, to $1.1 billion.

In an analyst's report shortly after MMC reported its results, Alain Karaoglan, an analyst with Deutsche Bank, said the company should seriously consider breaking up.

“Split up of [the] company may make sense,” he wrote. “Given the difficulty that management seems to be having in keeping all these businesses performing in line with expectations, in our view the best solution is to split the company into its different parts to unlock the value.”

In response to a question about splitting up the company during a conference call the day of the report, Mr. Cherkasky flatly rejected the idea. “It is too early in the recovery process for us to discount what are substantial advantages to being one company,” he said.

The same day as MMC's report, Morgan Stanley's William Wilt said they were lowering MMC's rating from Overweight to Equal-weight. He said Morgan Stanley felt “reduced confidence that the management team will effectively execute, measure or communicate the pace of the turnaround efforts.”