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To: Frank Ellis Morris who wrote (145881)	10/27/1999 10:38:00 AM
From: Calvin	Respond to of 176387

Looks like Canada is going DIRECT: Top 5 Vendors, Canadian PC Factory Shipments, Third Quarter 1999 (Preliminary) 3Q98 3Q99 Vendor Unit Market Unit Market Ships Share Ships Share % growth IBM 128,881 18.9% 126,366 16.3% -2.0% Compaq 126,485 18.5% 121,008 15.6% -4.3% Dell 55,979 8.2% 103,100 13.3% 84.2% HP 48,150 7.0% 39,940 5.2% -17.1% Toshiba 34,322 5.0% 36,851 4.8% 7.4% Sub Total 393,817 57.7% 427,265 55.1% 8.5% Others 289,183 42.3% 347,735 44.9% 20.2% All Vendors683,000 100.0% 775,000 100.0% 13.5% Vendor shipments are branded shipments and exclude OEM sales for all vendors and represent shipments to distribution channels or direct to end users Data for all vendors are reported for calendar periods Data is preliminary and subject to revision. Data for Compaq includes shipments of Digital branded product. IDC Canada Estimates, October 1999.

To: Frank Ellis Morris who wrote (145881)	10/27/1999 10:41:00 AM
From: GVTucker	Read Replies (1) \| Respond to of 176387

Frank, RE: What ever happened to stocks being rewarded for good or superior earnings?? It all depends on how much the market has already discounted. If everyone expects a company to report good/superior earnings, then the stock logically will not move when that information is revealed. In fact, this also explains why sometimes stock prices drop after these good/superior earnings are announced. If some people have bought the stock as a trade in the mistaken belief that the market has not already discounted this information, they are selling into a market where all the other participants have already realized this good information long in advance. Hence, the stock 'inexplicably' drops. Same with the recently reported IDC numbers. I read with some amusement all the posts here by people who were 'amazed' that DELL's stock price didn't go up because of the IDC announcement about DELL's number 1 market share in the US. Think about it--everyone had expected that announcement. I certainly did, and I am probably the most pessimistic here this side of LT and Fleck. That information was already priced into the stock. Understanding what information is incorporated into a stock's price is probably the most difficult aspect of securities analysis, and the last thing for most people to learn. That is why good companies and good stocks are NOT the same thing. The last four years have given many neophyte investors the impression that they are the same thing, because that strategy worked. History has shown that this is not a trend that has to continue.