...good, neutral or bad ? ...Nick

good... The Headlines are excellent. 5 stars for the CLL PR department.

bad... The earnings . Everyone who follow the CLL knew that they finally have to include in the earnings the interest expenses which were previously capitalized. There are some more non cash items negatively effecting the Earnings.

On the other hand all on this board should know by now that the earnings are not relevant in this sector and as such theoretically should not effect the SP. From the practical point of you some investors are looking at the one thing they know which is Earnings. They may sell tomorrow morning.

neutral ....Operational Cash flow is what we should be looking for. IMO they are somewhat neutral.

Anyway, Q4 is the history since we know what to expect in the CLL Q1/2011 report.