KOO I respectfully disagree and believe the announcement of the PIII has been priced in already but I do not believe the commencement of it has been yet. I think most smart investors respond differently between the announcement and the commencement and the PPS is often reflected in that. Also IMO the past reliability of statements uttered by the company will often determine the gap between the two prices. The more reliable the word of the company historically, the less the gap between the two prices. (I'll let you decide what degree of reliability we have in Don's history) But I still believe that even with companies with very reliable releases, there is still some gap between the announcement and commencement prices (not taking into account explainable market fluctuations) Regards DND