21.   On average, over the last six years, companies have beaten estimates by nearly three percentage points.

22.   Oil companies are beating a path to their door, either to study their technology or to sign licensing agreements.

23.   Over all, the company beat expectations because of the strength of its memory business.

24.   Some analysts had expected the company to beat estimates this quarter, the last earnings report before RJR faces a proxy fight with dissident shareholder Carl Icahn in April.

25.   Some analysts said they expected the company to beat their estimates.

26.   Still, Gail Dudack, market strategist at UBS Securities, warned investors in a report today that the amount by which companies beat Wall Street estimates is narrowing.

27.   That apprehension began lifting this week as the earnings season began in earnest and most companies beat expectations.

28.   That enabled most companies to beat estimates, so far.

29.   The analysis of Cisco suggests that investors are betting, in effect, that the company will beat the median earnings growth rate by a factor of five.

30.   The Boeing victory is all the more impressive because the company also beat competing bids from the leading European aircraft manufacturers, including Airbus, British Aerospace and Fokker.