Marriott International observed "some initial signs of demand stabilization even at today's very low levels" and "significant competitor discounting of room rates for corporate business in many markets

," according to executives. During a conference call with analysts, they said gross transient booking trends flattened during the March quarter, while new group bookings were "still declining" but "at a lower rate." CFO Carl Berquist cited "some resilience" among pharmaceutical and defense firms, at least "relative to the other sectors that we track." He said Marriott would not "lead the market down on rate, but we also do not intend to lose share by failing to respond."