11.   The drop reflected the stock market meltdown in October, which brought capital-raising activity nearly to a halt.

12.   The drop reflects higher loan losses and the absence of earnings from USL Capital.

13.   The drop in shares reflected investor concern about what kind of shape FHP was in when PacifiCare acquired it, analysts said.

14.   The drop reflects lower prices, unfavorable currency-exchange rates and slower sales growth in emerging markets, the company said last month.

15.   The drop in revenue reflects a decrease in research the company conducted under contract for other drug companies and a fall in product sales, Gensia said.

16.   The drop may reflect an actual decrease in crime nationally, as documented by federal statistics.

17.   The drop may reflect the national decrease in crime, a decrease documented in FBI statistics.

18.   The drop reflects a continuing decline in chemical prices and stubbornly weak refining margins, industry analysts said.

19.   The drop reflects expectations that the company will sell its holdings.

20.   The drop reflects increased automation, outsourcing and other modernizations.