      Anyone can figure out with a basic calculator the exact percent bywhich a company exceeded or failed to meet earnings. However, when acompany releases information that may affect the future earnings of thefirm, an expanse of variables exist, and complex interpretation andextrapolation of possibilities is necessary. There is a lot of room forspeculation when interpreting the net result of uncertain future events.Therefore, the opinion of the masses will vary to a large degree.Additionally, it takes a considerable amount of time to interpret, analyze,and incorporate this type of news. Therefore, the "adjustive" effect ofsuch news is digested over a period of days, weeks, and months. Once thenews has been fully digested by all market participants, the news can beconsidered "incorporated," and the resulting price of the security willreflect the average or mean interpretation of the masses.