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To: jim kelley who wrote (43931)	5/20/1998 5:12:00 PM
From: Jim Patterson	Read Replies (1) \| Respond to of 176387

RE: So we are not dealing with ABILITY TO BEAT THE ESTIMATES. It is interesting that you base your entire argument on this faulty premise. Jim, Which stock is more exciting and should disserve a better multiple, A stock that beats Estimates by 15% or on that beats by 5%? The stock market is emotionally driven and the bigger the surprise, the more emotion. Also, once you stop beating estimates, you might miss estimates. If the expected number had been 44 cents, today would have been a disaster...er well could have been. Had the number been 44 instead of 42 going into the report, the stock most likely would have still been in the $90 range, and the whisper numbers would have been 46-50 cents. 44 would be a major disappointment. I think that in today's market with the number of momentum money runners, this is an important aspect of company's fundamentals. Stock move on what reported relative to what is expected. I hope you see the correlation I am trying to draw. Jim