1.   There are two commonly used approaches to finding this fair price, one based on expected dividends and one based on expected earnings.

2.   But before discussing dividend policy, we will examine an alternative theory of share evaluation, namely that based on expected earnings.

3.   A second commonly used share evaluation model is based on the expected earnings of the firm.

4.   The stream of expected earnings is discounted in precisely the same way as the stream of expected dividends using the same discount rate.

5.   Among utilities which posted better than expected earnings were Enersis SA, Cia. Chilena de Generacion Electrica SA, or Chilgener, and Chilectra Metropolitana SA.

6.   Analysts said the stock is inexpensive relative to its expected earnings.

7.   ARGENTINE stocks fell for the first time in six sessions as investors sold bank stocks, among the most expensive shares compared with their expected earnings.

8.   Argentine stocks fell for the first time in six sessions, led by bank stocks, among the most expensive shares compared with their expected earnings.

9.   Better than expected earnings reports from a number of companies also lifted the Dow Jones industrial average early in the day.

10.   BRAZILIAN stocks fell, led by telephone stocks, after a rise in U.S. interest rates prompted investors to sell shares whose prices already reflect expected earnings.