A number of former and current Goldman analysts say that Mr. Melnick appears to keep an eye on bankers' interests.

The only problem was that those companies were being covered by Richard S. Greenfield, a young Goldman analyst.

And while agreeing that the announcements from technology companies have been especially negative recently, she said that Goldman analysts were not as worried.

David Fleischer, a Goldman, Sachs analyst and a longtime supporter of the company, was among those who came away concerned.

"It is not just about mergers," said Richard Strauss, a Goldman, Sachs analyst.

"People want to see profits - and now," said Richard Strauss, a Goldman, Sachs analyst.

Mr. Philo, the Goldman analyst, said newspapers would benefit because newsprint accounts for about 20 percent of a newspaper's costs.

"Now, unless we're really working well past 9 p.m., we settle for a taxi to the train station," a Goldman analyst said.

"You can't blame the company for trying to save a buck by getting rid of the unnecessary," another Goldman analyst said.

In 2005, corporate spending on information technology will rise less than 4 percent, the Goldman analysts predicted.