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To: Roger Hess who wrote (8504)	1/20/1998 2:50:00 PM
From: Richard Haugland	Respond to of 13925

I think analysts sometimes deliberately come in high or low to influence the price of the stock when earnings come in opposite of what they forecast. On the other hand I am frequently impressed about just how close analysts come to earnings estimates. If one looks at the earnings surprises they are frequently quite small. Of course some companies do a better job of keeping analysts informed that others. Also, the numbers in Zacks and First Call are often out of date and, of course, there are sometimes some big surprises (usually negative rather than positive in my experience). When we held guessing contests on the Applied Magentics (APM) board the analysts always won!