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To: eRM Solutions who wrote (6453)	5/15/1998 1:52:00 PM
From: dwlima	Read Replies (1) \| Respond to of 50264

I agree with you that positive news and/or positive earnings do not mean didley. it is the incremental benefit between what is expected by the market and what is received from new information that moves a stock price. However, who is the market in the case of defining an earnings estimate? Is it FirstCall's earnings estimates or Zachs or some hybrid??? when a stock beats earnings and its price goes down, who sold? Answer: people/institutions that had higher expectations that the their proxy of the market's earnings estimates. and, it could be just those few large institutions that move the stock or "get the ball rolling". So, what does this mean for us? i don't know. dwlima