How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 503.37

-1.6%

3:59 PM EST

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To: Reginald Middleton who wrote (9696)	7/27/1998 9:58:00 AM
From: Mike Milde	Read Replies (1) of 74651

<< That is not true. People don't move the market, large institutions do. Large institutions (at least sophisticated ones) do not follow earnings. I have proven this in several stocks by graphing the correlation of analysts' consensus estimates from IBES and First Call, the biggest in the consensus business, against the market values of several companies. You can't argue with historical facts. >> How does graphing analysts' consensus estimates prove this? I'm not sure that analysts consensus estimates are what shareholders and potential shareholders honestly believe. There's a lot of guess work and emotion involved also. Pick a small company with a small percentage of institutional investors. Then follow the news and watch the share price. You will see large swings in share price when there are no fundamental changes in the company or the industry. Why?? Mike

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