Morgan Stanley has raised the estimates of two IA portfolio stocks, Exxon (XOM) and Marathon (MRO). Here are a few comments by Morgan Stanley;

EXXON MOBIL CORPORATION (XOM)

"Exxon Mobil posted Q1 2006 earnings of $1.37/share, which compares to MS projections of $1.40/share. Unusual items involving litigation, asset actions and an abnormal tax rate penalized results by almost $0.20/share during the period. We are raising our 2006 earnings estimates following the results."

"Strong Results in E&P and R&M: Results in E&P and R&M were at record levels for the first quarter with strong profits in US R&M leading the way. Chemical profits were strong, but in line with expectations as were below the line expenses."

"Share Repurchase Program Increased 20%: The company repurchased $5.0 billion in equity while paying dividends of $2.0 billion in Q1 2006. Share repurchases to increase to $6.0 billion in Q2 2006. With cash of $37 billion and free cash flow projected near $20 billion in 2006, support for the stock is ahead."