Marshall & Ilsley Corp. insists its highly regarded technology subsidiary, M&I Data Services, is not going public. But try telling that to Wall Street.

M&I Data executives recently took their show on the road, presenting a detailed profile of their business to groups of investors at brokerage firms in the Midwest. That was enough to set analysts buzzing that a long- rumored spinoff from Marshall & Ilsley - a $13.3 billion-asset banking company based in Milwaukee - was finally in the works.

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