31.   Brazilian stocks rose, led by Telecomunicacoes Brasileiras SA and its subsidiaries, on optimism over future earnings.

32.   Brazilian stocks traded mixed on concern shares in mining company Cia. Vale do Rio Doce and other state-controlled companies already take future earnings into account.

33.   Brazilian stocks, led by telephone shares, surged as record first-quarter profit at Telecomunicacoes Brasileiras SA sparked optimism about future earnings.

34.   Brazilian stocks were little changed as optimism about the sale of telecommunications assets was offset by concern about future electric utility earnings.

35.   A growing number of companies have stopped issuing forecasts of future earnings, blaming the uncertain outlook for the American economy.

36.   A week-long rally in Venezuelan equities has made some shares overpriced in relation to future earnings, traders said.

37.   A week-long rally has left some shares over-priced as regards future earnings potential, traders said.

38.   A week-long rally left some shares overpriced relative to their future earnings, traders said.

39.   According to that theory, movements in the stock market should always reflect genuine news about future earnings.

40.   Airline stocks fell after five major carriers slashed fares, damaging their future earnings outlook.