"The company is stable in a very difficult global economic environment," said Bill Pecoriello, a beverage analyst at Morgan Stanley.

"Over all, it was a solid quarter," said Andrew Conway, a beverage analyst for Salomon Brothers.

But beverage analysts said consultants, which have been pushing more profits in school beverage deals from cola bottlers to school districts, were here to stay.

To beverage analysts, it made perfect sense.

"It was exactly as advertised at the meeting three weeks ago," said Andrew Conway, a beverage analyst with Morgan Stanley.

But there may be one niche market that the biggest players are overlooking, said Scott Wilkins, a beverage analyst for Deutsche Bank.

"Everybody wants to see this thing behind them," said Jennifer Solomon, a beverage analyst for Salomon Smith Barney.

But beverage analysts and consultants said that should the companies agree on a deal, it could have a major impact in the sluggish beer industry.

"The news isn't that bad," said Marc Greenburg, a beverage analyst at Deutsche Bank.

"You've got to have a position in the growth areas going forward," said James Dawson, a beverage analyst with Charles Stanley in London.