1.   If Goldstone spoke with Icahn, the analysts reasoned, he probably placed similar calls to executives at Philip Morris and Danone.

2.   Analysts also reasoned that some pullback was expected after an April rally that was triggered by a spate of better-than-expected earnings and positive economic data.

3.   Analysts also reasoned that some pullback was expected after an April rally that was triggered by better-than-expected earnings and positive economic data.

4.   Analysts also reason that companies are slowly starting to benefit from the six interest cuts made this year by the Federal Reserve.